(J3) Watching Resistance At The 50-Day EMA

• RES 4: $89.00 - High Jan 23 and a key resistance
• RES 3: $86.95 - High Feb 13
• RES 2: $86.21 - High Feb 16
• RES 1: $83.97 - 50-day EMA
• PRICE: $83.00 @ 08:020 GMT Feb 28
• SUP 1: $80.40/79.10 - Low Feb 23 / 6
• SUP 2: $77.77 - Low Jan 5
• SUP 3: $75.89 - Low Dec 12 and the bear trigger
• SUP 4: $74.55 - 0.764 proj of the Nov 7 - Dec 12 - Jan 23 price swing

Brent futures remain above last week’s lows and key short-term support has been defined at $80.40, the Feb 22 low. Moving average studies are in a bear-mode position and for now, this continues to suggest potential for a continuation lower near-term. A break of the $80.40, would open $79.10, the Feb 6 low. Initial resistance to watch is at $83.97, the 50-day EMA. A clear break of this EMA would be a bullish development.