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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: $57.70 - High Feb 17
*PRICE: $56.82 @ 08:07 GMT Feb 18
*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
After a fairly rangebound day yesterday, Brent remains above the former key
resistance of $56.58, the Feb 6 high. Despite opening lower and drifting lower
through the Asian session, focus remains on the Jan 29 high of $59.84. Momentum
studies have moved out of a previous oversold position, reinforcing the 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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