(Z20): Pullbacks Considered Corrective

• RES 4: $45.02 - 76.4% retracement of the Aug 28 - Oct 2 downleg
• RES 3: $44.30 - High Sep 18 and key resistance
• RES 2: $43.84 - High Sep 27
• RES 1: $43.57 - High Oct 9
• PRICE: $41.89 @ 06:31 BST Oct 13
• SUP 1: $41.22 - Low Oct 5
• SUP 2: $38.79 - Low Oct 2 and the bear trigger
• SUP 3: $38.59 - Low Jun 15
• SUP 4: $38.25 - Low Jun 12 and a key support

Brent futures pullbacks are considered corrective with a bullish theme still intact. Last week's strong climb follows a reversal signal on Oct 5, a bullish engulfing candle. The rally that followed signals scope for an extension higher towards the next key resistance at $44.30, Sep 8 high. A break of this hurdle would strengthen bullish conditions. Firm support lies at $41.22, Oct 5 low. A break would alter the picture.