(K4) Watching Key Resistance

• RES 4: $88.31 - High Oct 20
• RES 3: $86.52 - High Oct 27
• RES 2: $85.47 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
• RES 1: $83.656 - High Jan 29
• PRICE: $82.03 @ 06:58 GMT Feb 29
• SUP 1: $80.33/76.41 - 50-day EMA / Low Feb 5 and key S/T support
• SUP 2: $74.84 - Low Jan 03
• SUP 3: $73.22 - Low Dec 13 and the bear trigger
• SUP 4: $70.80 - Low Jun 23 ‘23

Brent futures continue to hold on to the bulk of their recent gains. Attention is on the $83.65 key resistance, the Jan 29 high. A clear break of this hurdle would cancel a bearish theme and instead signal a resumption of the bull cycle that has been in place since Dec 13. This would open $85.47, a Fibonacci retracement point. On the downside, initial pivot support to watch lies at $80.33, the 50-day EMA.