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BRENT TECHS: (V4) Approaching Key Support 

BRENT TECHS
  • RES 4: $88.44 - High Apr 12 and a medium-term bull trigger
  • RES 3: $87.05 - High Jul 5 
  • RES 2: $84.22 - 76.4% retracement of the Jul 5 - Aug 5 low 
  • RES 1: $79.35/82.40 - 20-day EMA / High Aug 12 and key resistance     
  • PRICE: $76.04 @ 06:56 BST Aug 22
  • SUP 1: $75.05 - Low Aug 5 and a key support  
  • SUP 2: $74.96 - Low Feb 5
  • SUP 3: $73.31 - Low Dec 13 2023 and a key support
  • SUP 4: $67.60 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing   

Brent futures continue to trade below their recent highs and the contract maintains a softer tone as it extends the recent bearish reversal. The extent of the pullback undermines a recent bullish theme and instead, the move signals scope for a test of key support at $75.05, the Aug 5 low. A break of this level would confirm a resumption of the bear leg that started Apr 12. Initial firm resistance is seen at $79.35, the 20-day EMA.

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