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(Z20): Bearish Risk Still Present

BRENT TECHS
  • RES 4: $43.84 - High Sep 27
  • RES 3: $43.57 - High Oct 9 and the bull trigger
  • RES 2: $42.80 - Oct 23 high
  • RES 1: $41.63 - High oct 26
  • PRICE: $40.46 @ 06:45 GMT Oct 28
  • SUP 1: $40.22 - Low Oct 26
  • SUP 2: $39.92 - 76.4% retracement of the Oct 2 - 9 rally
  • SUP 3: $38.79 - Low Oct 2 and the bear trigger
  • SUP 4: $38.59 - Low Jun 15

Brent futures maintain a softer tone following the recent move through support at $41.36, Oct 12 low. The break confirmed a near-term bearish threat following the recent failure at $43.57, Oct 9 high and opens key support at $38.79 Oct 2 low. This low also represents the bear trigger. Resistance that needs to be cleared to trigger stronger gains is at $43.57, Oct 9 high. Initial firm resistance is at $42.80, Oct 23 low.

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