(J3) Maintains A Softer Tone

• RES 4: $94.80 - High Nov 7 and key resistance
• RES 3: $92.64 - High Nov 16
• RES 2: $90.34 - 76.4% retracement of the Nov 7 - Dec 12 bear leg
• RES 1: $86.21/89.00 - High Feb 1 / High Jan 23 and the bull trigger
• PRICE: $82.15 @ 06:56 GMT Feb 3
• SUP 1: $80.42 - 76.4% retracement of the Jan 5 - 23 rally
• 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 traded sharply lower Wednesday and again Thursday to reinforce current bearish conditions. The contract has breached both the 20-day and 50-EMA points. The latest move lower undermines the recent bull theme and a continuation lower would open $80.42, a Fibonacci retracement and potentially expose $77.77, the Jan 5 low. On the upside, the bull trigger has been defined at $89.00, the Jan 23 high.