(X3) Corrective Cycle Remains In Play

• RES 4: $100.50 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
• RES 3: $100.00 - Key psychological round number
• RES 2: $96.95 - High Nov 14 2022 (cont)
• RES 1: $95.96 - High Sep 19
• PRICE: $93.82 @ 06:59 BST Sep 22
• SUP 1: $90.64 - 20-day EMA
• SUP 2: $87.37/86.55 - High Aug 10 / 50-day EMA
• SUP 3: $81.61 - Low Aug 24
• SUP 4: $77.84 - Low Jul 17

The uptrend in Brent futures remains intact, however, resistance this week has forced price lower and Tuesday’s trend high of $95.96, remains intact. The trend condition is overbought and a corrective cycle lower would allow this condition to unwind. Initial key support lies at $90.64, the 20-day EMA. On the upside, a move above $95.96 would confirm a resumption of the uptrend and open $96.95, the Nov 14 2022 high (cont).