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Another helpful observation? Brent nails first support and rebounds

Earlier this morning a potential support point  for Brent was mentioned here a couple of times. That was in place at $77.67 and the low seen so far was set at $77.66. So, that price point has essentially capped the sell-off for the time being after nailing it almost to the pip., Hence, it is hoped the pointing out of that was helpful to readers here, that might be involved in this market. The rebound that has ensued has now seen February Brent crude rise back above $78.40 as I write this update. The price action is pretty fluid, but that is always the case for Brent and so far the price action today is well inside the more usual 2-4% daily ranges we often witness. Brent for February delivery is currently trading at $78.42

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