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(J3) Maintains A Firmer Tone

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: $86.90 - High Feb 10
  • PRICE: $85.56 @ 07:46 GMT Feb 13
  • 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 hold the bulk of the Friday gains, extending the bounce from $79.10, Feb 6 low. Price has moved further away from the 50-day EMA, breached early last week. The focus is on 86.66, 76.4% of the Jan 23 - Feb 6 bear leg. It has been pierced, a clear break would expose key resistance at $89.00, Jan 23 high. 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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