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(J3) Fades Off Weekly High

BRENT TECHS
  • RES 4: $92.64 - High Nov 14
  • RES 3: $90.34 - 76.4% retracement of the Nov 7 - Dec 12 bear leg
  • RES 2: $89.00 - High Jan 23 and the bull trigger
  • RES 1: $86.95 - High Feb 14
  • PRICE: $85.89 @ 07:11 GMT Feb 16
  • SUP 1: $83.05/79.10 - Low Feb 9 / 6
  • SUP 2: $77.77 - Low Jan 5
  • SUP 3: $75.89 - Low Dec 12 and the bear trigger
  • SUP 4: $73.48 - 1.00 proj of the Nov 7 - Dec 12 - Jan 23 price swing

Brent futures continue to gradually fade last Friday’s gains, but the $84.00 handle support is intact for now. Having broken the 50-day EMA resistance early last week, markets have exposed the bull trigger at 89.00. On the downside, a move below $79.10, Feb 6 low, is required to reinstate a bearish theme. Initial support is $83.05, the Feb 9 low.

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