(J4) Pierces Key Resistance

• RES 4: $89.08 - High Oct 20
• RES 3: $87.12 - High Oct 27
• RES 2: $86.03 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
• RES 1: $85.03 - High Nov 6
• PRICE: $84.24 @ 15:00 GMT Feb 28
• SUP 1: $80.73/76.62 - 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 have extended this week’s gains and this has resulted in a print above the $84.17 key resistance. A clear breach of this hurdle would cancel a recent bearish theme and instead signal a resumption of the bull cycle that has been in place since Dec 13. This would open $86.03, a Fibonacci retracement point. On the downside, initial pivot support to watch lies at $80.73, the 50-day EMA.