(J4) Key Resistance Remains Intact

• RES 4: $87.12 - High Oct 27
• RES 3: $86.03 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
• RES 2: $84.17 - High Jan 29 and key short-term resistance
• RES 1: $82.86 - High Jan 30
• PRICE: $81.72 @ 08:10 GMT Feb 12
• SUP 1: $79.46/76.62 - 50-day EMA / Low Feb 5 and key S/T support
• SUP 2: $74.82 - Low Jan 03
• SUP 3: $72.96 - Low Dec 13 and the bear trigger
• SUP 4: $70.99 - Low Jun 23 ‘23

Brent futures traded sharply higher last week. For now, the climb is considered corrective, however, a continuation of the rally would expose key short-term resistance at $84.17, the Jan 29 high. Clearance of this level would cancel the recent bearish threat and highlight a stronger reversal. On the downside, the trigger for a resumption of the downtrend is $76.62, the Feb 5 low.