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(J4) Trading Below Key Resistance

BRENT TECHS
  • 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: $83.96 - High Feb 22
  • PRICE: $83.12 @ 06:51 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

Despite yesterday’s gains, key short-term resistance in Brent futures at $84.17, the Jan 29 high, remains intact. A clear break of this hurdle for bulls is required to cancel a bearish threat and instead highlight a stronger reversal. This would open $86.03, a Fibonacci retracement point. On the downside, the trigger for a resumption of the downtrend is $76.62, Feb 5 low. Initial pivot support to watch lies at $80.73, the 50-day EMA.

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