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(J2) Fresh Trend High

BRENT TECHS
  • RES 4: $95.00 Round number resistance
  • RES 3: $93.24 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $90.69 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $90.52 - High Feb 2
  • PRICE: $89.07 @ 07:00 GMT Feb 3
  • SUP 1: $87.79 - Low Jan 27
  • SUP 2: $85.89/84.22 - 20-day EMA / Low Jan 24 and key support
  • SUP 3: $81.90 - 50-day EMA
  • SUP 4: $79.95 - Low Jan 10

Brent futures delivered a fresh trend high print yesterday. The condition remains bullish. The contract resumed its uptrend last week following the break of $88.69, Jan 20 high. This maintains the bullish price sequence of higher highs and higher lows and MA conditions remain in a bull mode. The $90.00 handle has been probed and the focus is on $90.69, a Fibonacci projection. Key S/T support has been defined at $84.22, the Jan 24 low.

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