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BRENT TECHS: (F4) Bear Threat Remain Present Despite Recent Gains

  • RES 4:$93.20 - High Sep 28 and the bull trigger
  • RES 3: $89.49/92.32 - High Oct 24 / 20
  • RES 2: $87.80 - High Nov 3
  • RES 1: $83.97 - High Nov 14 and key short-term resistance
  • PRICE: $82.21 @ 06:54 GMT Nov 22
  • SUP 1: $76.60 - Low Nov 8
  • SUP 2: $75.51 - 76.4% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $73.82 - Low Jul 6
  • SUP 4: $71.68 - Low Jun 23

Brent futures are trading at their recent highs. A bearish theme remains intact and the latest recovery is considered corrective. Last week’s sell-off reinforced a bearish theme and has maintained the price sequence of lower lows and lower highs. This paves the way for a move towards $75.51 next, a Fibonacci retracement. A break of this level would strengthen the bearish threat. Key short-term resistance is at $83.97, the Nov 14 high.

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