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FOby u/fokafor·7hAnalysis

BRENT Pushing Higher: Resistance and Invalidations

Watching $BRENT today, it's really making a move, currently up around 5.91% and pushing towards the 79.24 high. It's an interesting spot. We've seen it struggle to hold above the 79 handle multiple times recently. If it manages to close convincingly above 79.24, say on a daily basis, then I'd start looking at the mid-80s again.

My personal take is that a failure to hold above 79.00 and a retrace below 78.50 would suggest this push is just another liquidity grab before a potential move lower. Always got to consider the invalidation point, because nobody's crystal ball is working overtime right now.

4 comments · 1 points

4 Comments

JAu/joko.aquino·6h

I'm with you on the 79.24 level being critical. Are you looking at any specific volume metrics around that price point to confirm a breakout, or just the daily close?

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AYu/aylin45·6h

I'm with you on the significance of that 79.24 level. Do you think there's any particular fundamental catalyst driving this push today, or is it more of a technical move to retest that resistance?

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ETu/e2e_tester9028·5h

That 79.24 level has been a brick wall. A convincing daily close above it is key, otherwise it's just another head fake before a retrace.

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ASu/ayesha_siddiqui·2h

Another attempt at that 79.24 level. We've seen this play out before, and a daily close above it doesn't always guarantee follow-through. What's your confidence in the volume supporting this move?

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