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(Z1) Through $80.00

BRENT TECHS
  • RES 4: $85.00 - Round number resistance
  • RES 3: $84.10 - 1.50 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $83.01 - 1.382 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $82.00 - High Oct 4
  • PRICE: $81.43 @ 07:04 BST Oct 5
  • SUP 1: $78.75 - Low Oct 4
  • SUP 2: $76.51/75.42 - Low Sep 30 and key support / High Sep 15
  • SUP 3: $74.81 - Low Sep 23
  • SUP 4: $72.51 - Low Sep 21 and key near-term support

Brent futures rallied yesterday and breached former resistance at $79.95, Sep 28 high. This confirms a resumption of the underlying uptrend and resumes the bullish price sequence of higher highs and higher lows. Note too that the contract has cleared the $80.00 handle. The focus is on $83.01 next, a Fibonacci projection. Key short-term support has been defined at $76.51, Sep 30 low.

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