(V3) Support At The 50-Day EMA Remains Intact

• RES 4: $92.10 - 1.50 proj of the Jun 28 - Jul 13 - Jul 18 price swing
• RES 3: $90.63 - High Nov 11 2022 (cont)
• RES 2: $90.00 - Psychological round number
• RES 1: $85.86/88.10 - High Aug 21 / 10 and the bull trigger
• PRICE: $84.34 @ 06:53 BST Aug 29
• SUP 1: $81.95 - 50-day EMA
• SUP 2: $78.10 - Low Jul 18 and key support
• SUP 3: $74.78 - Low Jul 6
• SUP 4: $72.04 - Low Jun 28

Brent futures pierced support at $82.36 last week, Aug 3 low. A clear break of this level would highlight a stronger reversal and signal scope for a deeper retracement. Note too that the 50-day EMA lies at $81.95 and represents an important support. The recovery from $81.94, Aug 23 low, is a positive development and resistance to watch is $85.86, Aug 21 high. A break would signal a resumption of bullish activity and open $88.10, the Aug 10 high.