(X2) Bear Threat Remains Present

• RES 4: $107.30 - High Jul 5
• RES 3: $103.86 - High Jul 29 and key resistance
• RES 2: $96.35 - 50-day EMA
• RES 1: $95.80 - High Sep 14
• PRICE: $91.34 @ 07:09 BST Sep 16
• SUP 1: $90.03/87.24 - Low Sep 15 / 8 and the bear trigger
• SUP 2: $86.54 - Low Mar 9 and a key support
• SUP 3: $82.59 - 1.618 proj of the Jul 29 - Aug 17 - 30 price swing
• SUP 4: $80.71 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing

The Brent futures outlook remains bearish and yesterday’s move lower reinforces this theme. The recent break of $89.06, Jul 14 low and a bear trigger highlights a resumption of the downtrend that started early August and has opened $86.54, the Mar 9 low. The bear trigger is $87.24, the Sep 8 low. On the upside firm resistance is seen at the 50-day EMA which intersects at $96.35.