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(K1) Bulls Pause For Breath

BRENT TECHS
  • RES 4: $71.75 - High Jan 8, 2020 (cont)
  • RES 3: $70.00 - Psychological round number
  • RES 2: $67.25 - 2.0% Upper Bollinger Band
  • RES 1: $66.82 - High Feb 25
  • PRICE: $65.70 @ 07:51 Mar 1
  • SUP 1: $63.59 - Low Feb 23
  • SUP 2: $62.09 - Low Feb 19 and key support
  • SUP 3: $59.92 - Low Feb 12
  • SUP 4: $59.66 - Bull channel support drawn off the Nov 2, 2020 low

Brent crude futures maintain a bullish tone with the uptrend intact. Last week's price action registered a new cycle high of $66.82 Thursday. This market continues to defy overbought signals - the RSI entered overbought territory early February. A break of $67.70 would confirm a resumption of the uptrend and open the $70.00 handle. On the downside, initial firm support is seen at $62.09, Feb 19 low.

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