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(Z20): Indicators Highlight Bearish Theme

BRENT TECHS
  • RES 4: $45.27 - 776.4% retracement of the Aug 26 - Sep 8 Sell-off
  • RES 3: $45.04 - High Sep 4
  • RES 2: $44.30 - High Sep 18 and key near-term resistance
  • RES 1: $43.03 - High Sep 28
  • PRICE: $42.31 @ 06:35 BST Oct 1
  • SUP 1: $40.82 - Low Sep 30
  • SUP 2: $39.88 - Low Sep 9 and the key support
  • SUP 3: $38.59 - Low Jun 15
  • SUP 4: $38.25 - Low Jun 12

Brent futures traded sharply lower Tuesday and cleared initial key support at $41.51, Sep 21 low. Despite yesterday's recovery, a bearish theme dominates. The break lower Tuesday exposes key support and the bear trigger at $39.88, Sep 9 low. Recent bearish candle patterns and bearish momentum structures reinforce a weaker outlook. A break of $39.88 would resume the downtrend that started late August. Initial resistance is at $43.03.

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