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BRENT TECHS: (F5) Outlook Remains Bearish

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $84.90 - High Jul 5 and a key resistance 
  • RES 3: $82.40 - High Jul 18 
  • RES 2: $80.55/91 - High Oct 7 / 76.4% of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.24 - High Nov 5       
  • PRICE: $73.11 @ 07:08 GMT Nov 27
  • SUP 1: $70.28 - Low Oct 29   
  • SUP 2: $69.68/68.01 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $66.38 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.90 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A short-term bearish condition in Brent futures remains intact and Monday’s move lower reinforces this theme. A continuation down would open support at $69.68, the Oct 1 low, and $68.01, the Sep 10 low and a key support. For bulls, a clearer reversal higher would instead refocus attention on key resistance at $80.55, the Oct 7 high. A breach of this level would resume the recent uptrend. Initial firm resistance to watch is $76.24, the Nov 5 high.

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  • RES 4: $84.90 - High Jul 5 and a key resistance 
  • RES 3: $82.40 - High Jul 18 
  • RES 2: $80.55/91 - High Oct 7 / 76.4% of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.24 - High Nov 5       
  • PRICE: $73.11 @ 07:08 GMT Nov 27
  • SUP 1: $70.28 - Low Oct 29   
  • SUP 2: $69.68/68.01 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $66.38 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.90 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A short-term bearish condition in Brent futures remains intact and Monday’s move lower reinforces this theme. A continuation down would open support at $69.68, the Oct 1 low, and $68.01, the Sep 10 low and a key support. For bulls, a clearer reversal higher would instead refocus attention on key resistance at $80.55, the Oct 7 high. A breach of this level would resume the recent uptrend. Initial firm resistance to watch is $76.24, the Nov 5 high.