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ZEW Expectations Reflect Volatile Market Backdrop

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(Z1) Resumes Its Uptrend

  • RES 4: $88.74 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $86.55 - 1.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $85.20 - 1.618 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $85.00 - Round number resistance
  • PRICE: $84.81 @ 07:06 BST Oct 15
  • SUP 1: $82.20 - Low Oct 13
  • 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 have traded above $84.60, Oct 11 high. The continuation higher confirms a resumption of the uptrend and maintains 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. Initial firm short-term support is seen at $82.20, Oct 13 low.

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