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(Z1) Needle Still Points North

BRENT TECHS
  • RES 4: $86.55 - 1.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $85.20 - 1.618 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $85.00 - Round number resistance
  • RES 1: $84.60 - High Oct 11
  • PRICE: $83.88 @ 07:02 BST Oct 14
  • SUP 1: $81.96 - Low Oct 10
  • SUP 2: $79.08/78.75 - Low Oct 7 and key support / Low Oct 4
  • SUP 3: $76.51/75.42 - Low Sep 30 and key support / High Sep 15
  • SUP 4: $74.81 - Low Sep 23

Brent futures are trading closer to recent highs and maintain a firm tone. Recent gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Note too that the contract has recently cleared the $80.00 handle, an important psychological hurdle. The focus is on $85.00 next, a Fibonacci projection. Key short-term support is unchanged at $79.08, Oct 7 low.

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