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(K3) Clears Support

BRENT TECHS
  • RES 4: $91.48 - High Nov 14
  • RES 3: $90.00 - Round number resistance
  • RES 2: $88.78 - High Jan 23 and a key resistance
  • RES 1: $84.00/86.75 - High Mar 9 / 7 and a key resistance
  • PRICE: $79.89 @ 06:57 GMT Mar 14
  • SUP 1: $78.34 - Low Mar 13
  • SUP 2: $77.76 - Low Jan 5
  • SUP 3: $76.04 - Low Dec 12 and the bear trigger
  • SUP 4: $71.30 - 1.00 proj of the Nov 7 - Dec 12 - Jan 23 price swing

Brent futures remain vulnerable and the contract traded sharply lower Monday. Price has pierced key support at $78.84, the Feb 6 low. A continuation lower and clear break of this level would strengthen bearish conditions. The focus is on $77.76, Jan 5 low and $76.04, the Dec 12 low and key medium term support. A break of$76.04 would confirm a resumption of the medium-term downtrend. Initial firm resistance is $84.00, the Mar 9 high.

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