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(K3) Fails To Hold On To Its Recent Highs

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: $84.40/86.75 - 50.0% of the Mar 7 - 8 sell-off / High Mar 7
  • PRICE: $82.66 @ 06:50 GMT Mar 9
  • SUP 1: $82.06 - Low Mar 8
  • SUP 2: $80.25/78.84 - Low Feb 23 / 6
  • SUP 3: $77.76 - Low Jan 5
  • SUP 4: $76.04 - Low Dec 12 and the bear trigger

Brent futures stalled at $86.75 on Tuesday and this level represents a key near-term resistance. A break of this hurdle is required to reinstate the recent bullish theme and this would open $88.78, the Jan 23 high. Key short-term support has been defined at $80.25, the Feb 23 low. Clearance of this level would reinstate a bearish theme. Initial firm support at $82.36, the Mar 3 low, has been pierced. A clear break would strengthen a bearish threat.

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