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BRENT TECHS: (V19): Increasingly Bearish Outlook.....>

BRENT TECHS: (V19): Increasingly Bearish Outlook
*RES 4: $62.95/20 - High Aug 2/ Channel bottom
*RES 3: $62.30 - 50% retracement of Aug 1 decline
*RES 2: $61.56 - High Aug 5
*RES 1: $59.66/74 - Low Aug 5/ 61.8% retracement of Dec 2018-April 2019 rally/
*PRICE: $58.91 @ 07:08 BST Aug 7
*SUP 1: $57.13 - Low Jan 8 (continuation)
*SUP 2: $55.99 - 76.4% retracement of Dec 2018-April 2019 rally
*SUP 3: $52.51 - Low Jan 2 (YTD low) (continuation)
*SUP 4: $49.93 - Low Dec 26 2018 (2018 low) (continuation)
The near-term technical outlook for Brent futures continues to look increasing
bearish with Brent futures trading at their weakest levels since January. This
brings the 76.4% Fibonacci retracement from the April highs back to the December
2018 lows at $55.99 into play ahead. Below here lies the 2018 low of $49.93.
Bulls need to break back into the prior trend channel (whose bottom comes in at
$63.20) to change the outlook.

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