(X3) Holding On To Its Recent Gains

• 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: $89.22 - High Sep 4
• PRICE: $88.78 @ 07:01 BST Sep 5
• SUP 1: $85.00 - 20-day EMA
• SUP 2: $82.52 - 50-day EMA
• SUP 3: $78.10 - Low Jul 18 and key support
• SUP 4: $74.78 - Low Jul 6

Brent futures are holding onto their recent gains. The contract last week cleared resistance at $87.37, the Aug 10 high. The break confirms a resumption of the uptrend and opens the $90.00 handle. On the downside, initial support to watch lies at $85.00, the 20-day EMA. A reversal lower and a break of the 20-day average would expose the $50-day EMA at $82.52. A move down would be considered corrective.