BRENT S2 S1 CLOSE R1 R2 TREND
DAILY 10487 10633 10826/10724 10860 11022 CONGEST
WEEKLY 9975 10546 10946 11525 11950 UP
Daily Moving Averages: 21, 55, & 100: 109.28, 111.61, 109.33
Weekly Moving Averages: 21, 55, & 100: 108.69, 111.52, 110.95
It appears that Jan is working in the construction of a triangle formation on the hourly chart.
Some triangles have five segments to them, but each one is truncated. There is usually a ratio relationship between the different legs. This pattern is likely to be the operative one for the next day or so.
If this model is correct, Jan will slip to 106.40 to 106.30. The downside pivot is 105.95.
Keeping with the congestion pattern will have Jan finding resistance at 108.50 to 108.60. The minor up side pivot is 109.00.
There is trend resistance at 110.20. The key upside pivot to the short-term outlook is 110.70.
Since we see this as congestion, we are sidelined for Wednesday.