(Z2) Bearish Threat

• 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: $96.46/98.75 - High Oct 11 / 10 and key near-term resistance
• PRICE: $92.56 @ 07:04 BST Oct 13
• SUP 1: $90.59 - 50.0% retracement of the Sep 26 - Oct 10 rally
• SUP 2: $88.67 - 61.8% 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 yesterday. The short-term outlook has deteriorated and continued weakness this week highlights a developing bearish threat. Price has traded below the 50-day EMA and pierced the 20-day EMA, at $91.68. A continuation lower would expose $90.59 and $88.67, two Fibonacci retracement levels. Key short-term resistance has been defined at $98.75, Oct 10 high, where a break is required to reinstate a bullish theme.