(K2) Volatile But Remains Bullish

• RES 4: $149.31 - 4.236 proj of the Aug - Oct - Dec ‘21 price swing
• RES 3: $144.62 - 4.00 proj of the Aug - Oct - Dec ‘21 price swing
• RES 2: $140.00 - Psychological round number
• RES 1: $139.13 - High Mar 7
• PRICE: $126.95 @ 07:03 GMT Mar 8
• SUP 1: $119.04 - Low Mar 7
• SUP 2: $106.83 - Low Mar 2
• SUP 3: $98.30 - Low Mar 1
• SUP 4: $92.75 - Low Fev 25 and a key short-term support

Brent futures spiked higher Monday but failed to hold onto the session high. Despite the pullback, yesterday’s price action highlights an acceleration in the current uptrend, taking price further into overbought territory. Volatile price action is likely to dominate near-term however it is clear that the uptrend remains firmly intact for now. The focus is on the $140.00 handle next. Initial support lies at Monday’s intraday low of $119.04.