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(Q4) Trend Needle Points South

BRENT TECHS
  • RES 4: $92.94 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $90.22 - High Apr 12 and the bull trigger
  • RES 1: $84.72/87.77 - High May 29 / High Apr 26
  • PRICE: $80.89 @ 06:56 BST Jun 3
  • SUP 1: $80.44 - Low May 24
  • SUP 2: $79.87 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
  • SUP 3: $75.63 - Low Feb 5
  • SUP 4: $73.47 - Low Dec 13 and a key support

Brent futures have pulled back from last week's high of $84.72 (May 29). Recent short-term gains are considered corrective and the trend condition is bearish. Note that moving average studies reinforce this theme - they have recently crossed and are in a bear-mode set-up. A continuation of the latest sell-off would open $79.87, a Fibonacci retracement. Initial firm resistance is $84.72, the May 29 high.

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