BRENT TECHS: (K5) Bears Remain In The Driver’s Seat
- RES 4: $79.98 - High Jan 15 and a reversal trigger
- RES 3: $76.78 - High Feb 11 and a bull trigger
- RES 2: $73.26 - 50-day EMA and a pivot resistance
- RES 1: $71.92 - Low Feb 26
- PRICE: $70.67 @ 07:05 GMT Mar 14
- SUP 1: $68.33 - Low Mar 5
- SUP 2: $67.87 - Low Sep 10 ‘24 and a key medium-term support
- SUP 3: $66.36 1.618 proj of the Jan 15 - Feb 4 - 11 price swing
- SUP 4: $63.90 2.000 proj of the Jan 15 - Feb 4 - 11 price swing
The trend condition in Brent futures is unchanged and the current direction remains down. The latest sell-off resulted in the breach of a number of support points and price has delivered a break of the $70.00 handle. The move down maintains the bearish price sequence of lower lows and lower highs. The focus is on $67.87, the Sep 10 2024 low. On the upside, initial firm resistance is unchanged at $73.26, the 50-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BTP TECHS: (H5) Bull Phase Remains In Play
- RES 4: 123.34 High Dec 11
- RES 3: 122.85 High Dec 12
- RES 2: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg
- RES 1: 120.98/121.00 61.8% of Dec 11 - Jan 13 bear leg / High Feb 7
- PRICE: 119.97 @ Close Feb 11
- SUP 1: 119.59 Low Feb 3
- SUP 2: 118.65/117.16 Low Jan 24 / 13 and the bear trigger
- SUP 3: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
- SUP 4: 116.07 Low Jul 8 ‘24 (cont)
A bullish cycle in BTP futures remains intact and the latest pullback appears corrective. Price has recently breached both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98 (pierced) and 121.88, Fibonacci retracement points. On the downside, initial key support to watch lies at 118.65, the Jan 24 low. Clearance of this price point would highlight a reversal and the end of the corrective bull cycle.
EURJPY TECHS: Corrective Gains
- RES 4: 162.70 High Jan 28
- RES 3: 162.49 High Jan 29
- RES 2: 161.09 50-day EMA
- RES 1: 159.93 20-day EMA
- PRICE: 159.12 @ 07:02 GMT Feb 12
- SUP 1: 157.90/155.61 Intraday low / Low Feb 10 and the bear trigger
- SUP 2: 155.15 Low Sep 16 ‘24
- SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
- SUP 4: 153.87 Low Dec 14 ‘23
EURJPY is firmer today as the cross extends the rebound from Monday’s low. MA studies are in a bear-mode position and this suggests that the latest recovery is likely a correction. The move higher is allowing a recent oversold condition to unwind. Initial resistance to watch is 159.93, the 20-day EMA. Key short-term resistance is at 161.09, the 50-day EMA, where a break would highlight a stronger reversal. The bear trigger lies at 155.61, the Feb 10 low.
STIR: SFRH5 Lifted
SFRH5 paper paid 95.700 on 6.4K, taken bid over.
