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(X3) Northbound

BRENT TECHS
  • RES 4: $96.95 - High Nov 14 2022 (cont)
  • RES 3: $94.79 - High Nov 16
  • RES 2: $92.91 - High Nov 17 2022 (cont)
  • RES 1: $91.15 - High Sep 5
  • PRICE: $89.51 @ 06:53 BST Sep 8
  • SUP 1: $86.34 - 20-day EMA
  • SUP 2: $83.39 - 50-day EMA
  • SUP 3: $77.84 - Low Jul 17
  • SUP 4: $76.68 - Low Jul 10

Brent futures are holding on to the bulk of their recent gains and the outlook remains bullish. The contract has breached the psychological $90.00 handle this week. A continuation would set the scene for gains towards $92.91, the Nov 17 2022 high (cont). On the downside, initial firm support to watch is at the 20-EMA which intersects at $86.34 today. A pullback in the contract would be considered corrective.

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