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(X3) Approaching Key Resistance

BRENT TECHS
  • RES 4: $94.79 - High Nov 16
  • RES 3: $92.91 - High Nov 17 2022 (cont)
  • RES 2: $90.00 - Psychological round number
  • RES 1: $87.37 - High Aug 10 and the bull trigger
  • PRICE: $87.11 @ 07:07 BST Sep 1
  • SUP 1: $84.16 - 20-day EMA
  • SUP 2: $82.00 - 50-day EMA
  • SUP 3: $78.10 - Low Jul 18 and key support
  • SUP 4: $74.78 - Low Jul 6

Brent futures traded higher yesterday and the contract is holding on to its latest gains. Resistance at $85.86, the Aug 21 high, has been cleared and price is approaching key resistance at $87.37, the Aug 10 high. A break of this level would confirm a resumption of the uptrend and open the $80.00 handle. On the downside, initial support to watch lies at $84.16, the 20-day EMA. A break would expose the $50-day EMA at $82.00.

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