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BRENT TECHS: (J20): Base Confirmed *RES 4: $62.05....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (J20): Base Confirmed
*RES 4: $62.05 - 50% retracement of the Jan 8 - Feb 10 decline
*RES 3: $59.84 - High Jan 29 and key near-term resistance
*RES 2: $58.58 - High Jan 31
*RES 1: $57.53 - High Feb 14
*PRICE: $57.27 @ 08:08 GMT Feb 17
*SUP 1: $54.96 - Low Feb 13
*SUP 2: $53.11 - Low Feb 10 and key support
*SUP 3: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $50.00 - Round number support
BRENT was firmer Friday. A short-term base has been confirmed and futures are
seen likely to remain bullish for now. Price has cleared the key resistance at
$56.58, the Feb 6 high. This confirms a shift in sentiment to bullish and opens
$59.84, the Jan 29 high. Momentum studies are rising from a previous oversold
position, this reinforces a positive theme. On the downside, key support has
been defined at $53.11, Feb 10 low. Initial support lies at $54.96.

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