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Free AccessBRENT TECHS: (J20): Bounced off of $60 But Out.......>
BRENT TECHS: (J20): Bounced off of $60 But Out
*RES 4: $65.14 - High Jan 20
*RES 3: $64.16 - 61.8% retracement of the Jan 8 - Feb 10 decline
*RES 2: $62.05 - 50% retracement of the Jan 8 - Feb 10 decline
*RES 1: $59.94/00 - 38.2% retracement / round number - key near-term resistance
*PRICE: $58.16 @ 09:52 GMT Feb 21
*SUP 1: $56.30 - Low Feb 18
*SUP 2: $54.96 - Low Feb 13
*SUP 3: $53.11 - Low Feb 10 and key support
*SUP 4: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
Brent bounced off of its near-term key resistance level at $60.00, just ahead of
the 38.2% retracement of the Jan 8 - Feb 10 decline. Despite further retracement
off the highs this morning, the outlook remains bullish. A break of $60.00 would
initially see a couple of Fibo retracements adding as resistance but the key
next level would be the Jan 20 high at $65.14. On the downside, key support has
been defined at $53.11, Feb 10 low. Initial support lies at $54.96.
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.