(X2) Gains Considered Corrective

• RES 4: $107.30 - High Jul 5
• RES 3: $103.86 - High Jul 29 and key resistance
• RES 2: $96.93 - 50-day EMA
• RES 1: $94.61 - 20-day EMA
• PRICE: $92.75 @ 08:23 BST Sep 12
• 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 remain bearish and the strong sell-off last week 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 resumes the downtrend that started early August. This has opened $86.54 next, the Mar 9 low. Initial firm resistance is seen at the 20-day EMA - it intersects at $94.61. Short-term gains are considered corrective - for now.