(Z2) Bullish Outlook

• 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: $97.27/98.75 - High Oct 27 / 10 and key near-term resistance
• PRICE: $94.80 @ 06:54 BST Oct 31
• SUP 1: $93.26/88.77 - 20-day EMA / Low Oct 18
• 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 higher last week but have pulled back from the high of $97.27 (Oct 27). A bullish theme remains intact. Key short-term support has been defined at $88.77, Oct 18 low, where a break is required to cancel the positive outlook. The contract has breached resistance at $95.17, Oct 12 high and this signals scope for a climb towards $98.75, the Oct 10 high and a key resistance. A break of $98.75 would further strengthen conditions for bulls.