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(K3) Clears A Key Support

BRENT TECHS
  • RES 4: $88.78 - High Jan 23 and a key resistance
  • RES 3: $84.00/86.75 - High Mar 9 / 7 and a key resistance
  • RES 2: $81.85 - 20-day EMA
  • RES 1: $78.84 - Feb 6 low
  • PRICE: $74.39 @ 06:57 GMT Mar 16
  • SUP 1: $71.67 - Low Mar 15
  • SUP 2: $71.30 - 1.00 proj of the Nov 7 - Dec 12 - Jan 23 price swing
  • SUP 3: $69.28 - Low Dec 20 2021 (cont)
  • SUP 4: $65.72 - Low Dec 2 2021 (cont)

Brent futures remain vulnerable and the contract traded lower again Wednesday. Price has breached a key support at $76.04, the Dec 12 low and a key medium term chart point. The break confirms a resumption of the medium-term downtrend and paves the way for weakness towards $71.30, a Fibonacci projection. Initial firm resistance is $78.84, the Feb 6 low. Gains would be considered corrective.

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