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Brent crude rebound above $82 comes close to former breakdown level

Earlier this morning an update here noted the rebound in oil prices and the move back above $81 in the price of January Brent crude. Well, since that update, Brent has now extended the gains to above $82.00 a short while ago. Perhaps you will remember in previous updates, I outlined the importance of the post October 7 low at $82.20. It was the breakdown there that led to the more recent falls to $76.60. The warnings about that, before and after $82.20 gave way were clearly conveyed here. So, the rebound this morning has come very close to that 82.20 level once more. The high seen so far has been set at $82.05 and it remains to be seen, if Brent can get above, what is likely resistance there and if it does, how far it might extend beyond it. Brent for January delivery is currently trading at $81.92
 

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