Brent: Bearish for a Few Days

MrTopStep.com

BRENT

BRENT S2 S1 CLOSE R1 R2 TREND
DAILY 10476 10612 10733 10850 10949 DOWN
WEEKLY 8850 9914 10702 11233 11795 DOWN

Daily Moving Averages: 21, 55, & 100: 109.74, 110.37, 111.08

Weekly Moving Averages: 21, 55, & 100: 111.04, 111.04, 111.60

We expected lower prices to develop for Brent on Monday.

• Although Jan broke through the initial resistance level, it immediately fell back into the negative pattern that persisted throughout last week.
• To be certain, it is difficult here, but there is likely to be a marginal new low from Monday to test 106.60.
• A break of 106.60 will move Jan to an important downside pivot at 106.00.
• The key downside pivot is 104.76.
• A daily settlement below this level is extremely bearish.
• Jan has minor resistance at 108.10 to 108.20.
• The upside pivot is 108.55.
• Jan has been showing a negative pattern despite the fact that temperatures in Europe are very cold. A market that does not respond to bullish news is, by definition, bearish; it appears that this market is tooled for the bears for the next few days.
• This negative outlook is eliminated with a break above 108.60 on an intraday basis or a daily settlement.

Brent

Brent / Stanton Analytics


Brent Weekly

Brent Weekly / Stanton Analytics

Rates

View Comments (0)