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BRENT TECHS: (J20): Downtrend Remains Intact For.....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (J20): Downtrend Remains Intact For now
*RES 4: $61.92 - High Jan 23
*RES 3: $59.84 - High Jan 29
*RES 2: $56.58 - High Feb 6 and key resistance
*RES 1: $56.36 - High Feb 12
*PRICE: $55.68 @ 06:37 GMT Feb 13
*SUP 1: $53.11 - Low Feb 10 and key support
*SUP 2: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $50.00 - Round number support
*SUP 4: $48.49 - 138.2% retracement projection of the Oct 3 - Jan 8 rally
BRENT registered a fresh trend low print on Monday at 53.11 however futures have
since bounced off the low. A downtrend remains firmly intact for now following
this year's sharp decline. The break lower Monday confirmed a resumption of the
trend and paves the way for weakness towards $50.87 next, a Fibonacci
retracement projection. Note however that a key resistance resides at $56.58,
the Feb 6 high. A break would signal a potential reversal.

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