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(Z1) Find Resistance

BRENT TECHS
  • RES 4: $90.93 - 2.236 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $88.74 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $86.70/87.00 - High Oct 25 / Round number resistance
  • PRICE: $83.49 @ 07:02 BST Oct 28
  • SUP 1: $82.32/20 - Intraday low / Low Oct 13
  • SUP 2: $80.00 - Round number support
  • SUP 3: $79.08/78.75 - Low Oct 7 and key support / Low Oct 4
  • SUP 4: $76.51/75.42 - Low Sep 30 and key support / High Sep 15

Brent futures faced resistance yesterday and the contract has extended the pullback today. Price has traded through support at $83.36, Oct 21 low and probed the 20-day EMA. A resumption of weakness would signal scope for a deeper corrective pullback and expose $80.00, with the 50-day EMA at $78.76. Key resistance and the bull trigger has been defined at $86.70, Oct 25 high. A break would resume the uptrend.

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