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(J1) Probes $60.00

BRENT TECHS
  • RES 4: $62.46 - High Jan 24, 2020 (cont)
  • RES 3: $61.61 - 1.500 proj of the Apr - Aug - Nov 2020 price swing
  • RES 2: $60.62 - High Jan 29 (cont)
  • RES 1: $60.06 - Intraday high
  • PRICE: $59.79 @ 06:50 GMT Feb 8
  • SUP 1: $57.31 - High Jan 13 and former breakout level
  • SUP 2: $56.08 - 20-day EMA
  • SUP 3: $54.40 - Low Jan 22
  • SUP 4: $52.90 - Low Jan 6

Brent futures maintain a bullish tone following last week's gains and the confirmed resumption of the underlying uptrend following the breach of $57.31, the Jan 13 high. The contract has today probed $60.00 and a clear break would signal potential for a climb towards $61.61, a Fibonacci projection. On the downside initial firm support is seen at $57.31 with key trend support at $54.40, Jan 22 low.

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