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(X3) Resumes Its Uptrend

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: $88.14 - Intraday high
  • PRICE: $87.98 @ 14:45 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 has traded higher today and in the process cleared resistance at $87.37, the Aug 10 high. The clear break of this level confirms a resumption of the uptrend and opens the $90.00 handle. On the downside, initial support to watch lies at $84.16, the 20-day EMA. A reversal lower and a break of the 20-day average would expose the $50-day EMA at $82.00. A move lower would be considered corrective.

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