(Z3) Recent Move Lower Appears To Be A Correction

• RES 4: $99.73 - 1.236 proj of Jun 23 - Aug 10 - Aug 24 price swing
• RES 3: $96.22 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
• RES 2: $95.35 - High Sep 28 and the bull trigger
• RES 1: $93.79 - High Oct 20
• PRICE: $89.52 @ 07:04 BST Oct 27
• SUP 1: $85.18/83.44 - Low Oct 12 / 6 and bear trigger
• SUP 2: $82.80 - 50.0% retracement of the May 4 - Sep 28 bull run
• SUP 3: $81.33 - Low Aug 24
• SUP 4: $79.84 - 61.8% retracement of the May 4 - Sep 28 bull run

Brent futures traded lower Wednesday, extending the pullback from last week’s high of $93.79 (Oct 20), before recovering. The trend condition is bullish and recent short-term weakness is considered corrective. Key support lies at $83.44, the Oct 6 low. A resumption of gains would refocus attention on the bull trigger at $95.35, the Sep 28 high. For bears, a break of $83.44, would highlight potential for a stronger bear cycle.