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BRENT TECHS: (J5) Tests Support

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $85.20 - 1.382 proj of the Sep 9 - Oct 7 - 29 price swing    
  • RES 3: $83.97 - High Apr 12 ‘24 and a key M/T resistance
  • RES 2: $83.28 - High Jul 5 and a key resistance
  • RES 1: $77.34/81.20 - High Feb 3 / 15 and the bull trigger            
  • PRICE: $75.38 @ 07:16 GMT Feb 14  
  • SUP 1: $74.10/06 - Low Feb 6 / 13 
  • SUP 2: $71.25 - Low Dec 20
  • SUP 3: $70.26 - Low Dec 6
  • SUP 4: $69.65 - Low Oct 29 and a key support 

Brent futures have pulled back from their recent highs and attention is on support at $74.10, the Feb 6 low. A clear break of this level would undermine a bullish theme and instead highlight a stronger reversal, signalling scope for a deeper pullback, towards $71.25, the Dec 20 low. Initial firm resistance has been defined at $77.34, the Feb 3 high. Clearance of this level would once again highlight a bullish development.

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  • RES 4: $85.20 - 1.382 proj of the Sep 9 - Oct 7 - 29 price swing    
  • RES 3: $83.97 - High Apr 12 ‘24 and a key M/T resistance
  • RES 2: $83.28 - High Jul 5 and a key resistance
  • RES 1: $77.34/81.20 - High Feb 3 / 15 and the bull trigger            
  • PRICE: $75.38 @ 07:16 GMT Feb 14  
  • SUP 1: $74.10/06 - Low Feb 6 / 13 
  • SUP 2: $71.25 - Low Dec 20
  • SUP 3: $70.26 - Low Dec 6
  • SUP 4: $69.65 - Low Oct 29 and a key support 

Brent futures have pulled back from their recent highs and attention is on support at $74.10, the Feb 6 low. A clear break of this level would undermine a bullish theme and instead highlight a stronger reversal, signalling scope for a deeper pullback, towards $71.25, the Dec 20 low. Initial firm resistance has been defined at $77.34, the Feb 3 high. Clearance of this level would once again highlight a bullish development.