(K2) Uptrend Remains Intact

• RES 4: $132.33- 3.382 proj of the Aug - Oct - Dec ‘21 price swing
• RES 3: $129.43 - 3.236 proj of the Aug - Oct - Dec ‘21 price swing
• RES 2: $124.74 - 3.00 proj of the Aug - Oct - Dec ‘21 price swing
• RES 1: $120.00 - Psychological round number
• PRICE: $111.82 @ 07:02 GMT Mar 4
• 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: $89.65 - 50-day EMA

Brent futures continued to climb Thursday but did face resistance just ahead of the $120.00 handle. The outlook remains bullish and this week’s gains have confirmed a resumption of the uptrend and resulted in a clear break of the psychological $100.00 mark. The focus is on $120.00 where a break would signal scope for a climb towards 124.74, a Fibonacci projection. On the downside, initial support is seen at Wednesday’s $106.83 low.