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(J2) Fresh Trend High

BRENT TECHS
  • RES 4: $96.09 - 2.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $95.00 - Round number resistance
  • RES 2: $94.82 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $94.00 - Intraday high
  • PRICE: $93.62 @ 07:00 GMT Feb 7
  • SUP 1: $91.20/87.72 - Low Feb 4 / Low Feb 1
  • SUP 2: $87.05/84.22 - 20-day EMA / Low Jan 24 and key support
  • SUP 3: $82.70 - 50-day EMA
  • SUP 4: $79.95 - Low Jan 10

Brent futures continue to trade higher and trend conditions remain bullish. The contract recently resumed its uptrend following the break of $88.69, Jan 20 high. This means that a bullish price sequence of higher highs and higher lows remains intact. Moving average conditions are in a bull mode too. The $90.00 handle has been cleared and the focus is on $94.82, a Fibonacci projection. Initial firm support is at $87.72, the Feb 1 low.

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