(X2) Correction Still In Play

• RES 4: $107.30 - High Jul 5
• RES 3: $103.86 - High Jul 29 and key resistance
• RES 2: $96.82 - 50-day EMA
• RES 1: $95.17 - High Sep 12
• PRICE: $93.91 @ 07:05 BST Sep 13
• SUP 1: $87.24 - Low Sep 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

Brent futures are holding on to recent gains. The outlook remains bearish though following the recent strong move lower. This resulted in a break of two important support levels; $90.95, the Aug 17 low and $89.06, the Jul 14 low and bear trigger. The break of $89.06 highlights a resumption of the downtrend that started early August and has opened $86.54, the Mar 9 low. The next firm resistance is seen at the 50-day EMA - it intersects at $96.82.