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(X20): Holding Above Recent Lows

BRENT TECHS
  • RES 4: $46.61 - High Aug 5 and key resistance
  • RES 3: $44.65 - High Sep 3
  • RES 2: $43.15 - 50-day EMA
  • RES 1: $42.44 - High Sep 16
  • PRICE: $41.80 @ 06:41 BST Sep 17
  • SUP 1: $40.59 - Low Sep 16
  • SUP 2: $39.25 - 38.2% retracement of the Apr - Aug rally
  • SUP 3: $37.94 - Low Jun 12
  • SUP 4: $36.97 - 50.0% retracement of the Apr - Aug rally

Brent futures traded higher yesterday and maintain a firmer tone having recently managed to hold above a key retracement level at $39.25, 38.2% of the Apr - Aug rally. Futures probed resistance at $42.23 yesterday, Sep 8 high. An extension higher would open $43.15, the 50-day EMA. On the downside, weakness though the recent low of $39.30 and $39.25 would resume bearish pressure.

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