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(Z2) Pullback Considered Corrective

BRENT TECHS
  • 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 and key resistance
  • RES 1: $98.75 - High Oct 10
  • PRICE: $95.93 @ 06:57 BST Oct 11
  • SUP 1: $92.60 - 50-day EMA
  • SUP 2: $85.00/82.44 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 3: $81.97 - 1.618 proj of the Jul 29 - Aug 5 - 30 price swing
  • SUP 4: $80.22 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing

Last week's gains in Brent futures resulted in a break of both the 20-day and 50-day EMAs. The clear break and strong weekly close strengthened the short-term bullish condition and highlights a stronger reversal. This has opened $101.39, the Aug 30 high and the next key resistance. A break would further reinforce a bullish theme. Initial firm support to watch lies at $92.60, the 50-day EMA. Short-term pullbacks are considered corrective.

Energy BulletsCommodities
Energy BulletsCommodities

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