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(K2) Still Defying Gravity

BRENT TECHS
  • RES 4: $129.43 - 3.236 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 3: $124.74 - 3.00 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 2: $120.00 - Psychological round number
  • RES 1: $118.22 - Intraday high
  • PRICE: $116.93 @ 07:05 GMT Mar 3
  • SUP 1: $106.83 - Low Mar 2
  • SUP 2: $98.30 - Low Mar 1
  • SUP 3: $92.75 - Low Fev 25 and a key short-term support
  • SUP 4: $91.94 - 20-day EMA

Brent futures continue to climb as the current rally accelerates. This week’s gains have confirmed a resumption of the underlying uptrend and this has resulted in a clear break of the psychological $100.00 mark. The focus is on the $120.00 handle next where a break would signal scope for a climb towards 124.74, a Fibonacci projection. On the downside, initial support is seen at yesterday’s $106.83 low.

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