(Z2) Bearish Extension

• RES 4: $107.41 - 76.4% retracement of the Aug 6 - Sep 26 bear leg
• RES 3: $104.62 - High Jul 5
• RES 2: $101.39 - High Aug 30
• RES 1: $95.17/98.75 - High Oct 12 / 10 and key near-term resistance
• PRICE: $90.27 @ 06:59 BST Oct 19
• SUP 1: $88.67 - 61.8% retracement of the Sep 26 - Oct 10 rally
• SUP 2: $86.29 - 76.4% retracement of the Sep 26 - Oct 10 rally
• SUP 3: $85.00/82.44 - Low Sep 30 / Low Sep 26 and the bear trigger
• SUP 4: $81.97 - 1.618 proj of the Jul 29 - Aug 5 - 30 price swing

Brent futures traded lower Tuesday, reinforcing a bearish theme and extending the reversal from $98.75, the Oct 10 high. A number of important retracement levels have been breached. Attention is on $88.67 next, 61.8% of the Sep 26 - Oct 10 rally. A break would open $86.29, the 76.4% level. On the upside, initial firm resistance is seen at $95.17, the Oct 12 high. Clearance of this level would ease the bearish threat.