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(X2) Bearish Outlook

BRENT TECHS
  • RES 4: $107.30 - High Jul 5
  • RES 3: $96.99/103.86 - High Sep 5 / High Jul 29 and key resistance
  • RES 2: $94.99 - 50-day EMA
  • RES 1: $92.13 - 20-day EMA
  • PRICE: $85.29 @ 06:57 BST Sep 26
  • SUP 1: $84.11 - 1.50 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 2: $82.59 - 1.618 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 3: $80.71 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 4: $79.12 - Low Jan 24

Brent futures are trading lower again today, as the contract starts the week on a bearish note and again confirms a resumption of the broader downtrend. Price has breached support at $87.24, Sep 18 low and bear trigger. The move lower strengthens bearish conditions and maintains the price sequence of lower lows and lower highs. This paves the way for $84.11 next, a Fibonacci projection. Firm trend resistance is at the 50-day EMA, at $94.99.

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