Brent: Running to an area of technical resistance

For three months the price action remains in a range 72.00$-80.50$ drafting a long consolidation.

We expect the price is running to an area of technical resistance defined by the following:

• 0.50% fib reaction of 80.45$-71.20$
  50MA seems to be at 75.75$, Monday’s high at 75.78$
  14MA (weekly) seems to be at 75.85$
  Earlier break down levels exists at 76.25$
  
  

Overall between 75.75-76.25$ it could face stiff resistance with supports are at 74.30$. Caution will be ordered if the price trade through the given resistance zone. In this case 76.90$, 77.40$ and 78.50$ could even possible.

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