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BRENT TECHS: (G5) Outlook Remains Bearish

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $84.32 - High Jul 5 and a key resistance 
  • RES 3: $81.83 - High Jul 18 
  • RES 2: $79.98/80.44 - High Oct 7 / 76.4% of Jul 5 - Sep 10 bear leg
  • RES 1: $75.79 - High Nov 5       
  • PRICE: $72.62 @ 07:07 GMT Nov 29
  • SUP 1: $69.95 - Low Oct 29   
  • SUP 2: $69.52/67.89 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $66.70 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $64.34 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures are unchanged. A short-term bearish condition remains intact and Monday’s move lower reinforces this theme. A continuation down would open $69.52 the Oct 1 low, and $67.89, the Sep 10 low and a key support. For bulls, a clearer reversal higher would instead refocus attention on key resistance at $79.98, the Oct 7 high. Initial firm resistance to watch is $75.79, the Nov 5 high.

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  • RES 4: $84.32 - High Jul 5 and a key resistance 
  • RES 3: $81.83 - High Jul 18 
  • RES 2: $79.98/80.44 - High Oct 7 / 76.4% of Jul 5 - Sep 10 bear leg
  • RES 1: $75.79 - High Nov 5       
  • PRICE: $72.62 @ 07:07 GMT Nov 29
  • SUP 1: $69.95 - Low Oct 29   
  • SUP 2: $69.52/67.89 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $66.70 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $64.34 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures are unchanged. A short-term bearish condition remains intact and Monday’s move lower reinforces this theme. A continuation down would open $69.52 the Oct 1 low, and $67.89, the Sep 10 low and a key support. For bulls, a clearer reversal higher would instead refocus attention on key resistance at $79.98, the Oct 7 high. Initial firm resistance to watch is $75.79, the Nov 5 high.