(J4) Sharp Reversal

• 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: $84.17 - High Jan 29 and key short-term resistance
• PRICE: $79.05 @ 06:47 GMT Feb 02
• SUP 1: $78.57 - Low Feb 1
• SUP 2: $76.13 - Low Jan 17
• SUP 3: $74.82 - Low Jan 03
• SUP 4: $72.96 - Low Dec 13 and the bear trigger

Brent futures have reversed course and the sharp pullback from $84.17, the Jan 29 high, has resulted in a print below the 50-day EMA, at $79.42. A continuation lower would undermine the recent bullish theme and signal scope for weakness towards $76.13, the Jan 17 low. For bulls, a break of $84.17 is required to reinstate a bullish theme. This would pave the way for a climb towards $86.03, a Fibonacci retracement point.