(J1) Support Remains Intact

• RES 4: $59.71 - 1.382 proj of the Apr - Aug - Nov 2020 price swing
• RES 3: $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont)
• RES 2: $57.31 - High Jan 13 and the bull trigger
• RES 1: $56.50 - High Jan 20
• PRICE: $55.13@ 06:46 GMT Jan 29
• SUP 1: $54.40 - Low Jan 22
• SUP 2: $52.90 - Low Jan 6
• SUP 3: $51.89 - 50-day EMA
• SUP 4: $50.66 - Low Jan 4

Brent futures are consolidating and remain below this year's high. Key ST support has been defined at $54.40, Jan 22 low. A breach of this level would pave the way for a deeper corrective decline and allow an overbought trend reading to unwind. Note a break of $54.40 would also see price trade through the 20-day EMA. On the upside, key resistance is at $57.31, Jan 13 high. Clearance of this resistance would confirm a resumption of the uptrend.