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(K3) Trading Above Resistance At The 50-Day EMA

BRENT TECHS
  • RES 4: $88.78 - High Jan 23 and a key resistance
  • RES 3: $86.55 - High Feb 13
  • RES 2: $85.83 - High Feb 16
  • RES 1: $84.53 - High Feb 17
  • PRICE: $84.03 @ 07:01 GMT Mar 1
  • SUP 1: $80.25/78.84 - Low Feb 23 / 6
  • SUP 2: $77.76 - Low Jan 5
  • SUP 3: $76.04 - Low Dec 12 and the bear trigger
  • SUP 4: $75.43 - 0.764 proj of the Nov 7 - Dec 12 - Jan 23 price swing

Brent futures remain above last week’s lows and key short-term support has been defined at $80.25, the Feb 23 low. The contract is trading higher today and price has moved above resistance at the 50-day EMA - the average intersects at 83.66. A continuation higher would open $86.55, the Feb 13 high. On the downside, sub $80.25 levels would reinstate the recent bearish theme and this would open $78.84, the Feb 6 low.

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