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(X2) Resumes Its Downtrend

BRENT TECHS
  • RES 4: $107.30 - High Jul 5
  • RES 3: $103.86 - High Jul 29 and key resistance
  • RES 2: $95.39/97.42 -20-day EMA / 50-day EMA
  • RES 1: $90.95 - Low Aug 17 and a recent breakout level
  • PRICE: $88.75 @ 06:17 BST Sep 8
  • SUP 1: $87.40 - Low Sep 7
  • 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 Wednesday 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 confirms a resumption of the downtrend that started early August and signals scope for a continuation. This has opened $86.54 next, the Mar 9 low. Initial firm resistance is seen at the 20-day EMA - it intersects at $95.39.

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