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BRENT TECHS: Daily price action on the Brent Jul contract highlights a
potentially important price pattern yesterday:
- Looking at Japanese candle patterns, yesterday's price action at the close,
confirmed a doji formation. This is where the close and open are equal or close
enough to each other.
- Why is it important? A doji is a reliable pattern when looking to identify the
end of a correction.
- If indeed, the recent downleg from $26.98 - $21.92 (Mar 23 - 28) is a
correction of the earlier gains from $19.99 to $26.98, then this candle pattern
is worth noting.
- The pattern also reinforces the importance of yesterday's $21.92 low as a
- If it remains intact, and if the price trades above yesterday's high of
$23.79, this would be seen as an important intraday bullish signal.
- A break below $21.92 would negate the pattern. See chart: