August 21, 2024 06:14 GMT
BRENT TECHS: (V4) Move Lower Exposes 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: $79.70/82.40 - 20-day EMA / High Aug 12 and key resistance
- PRICE: $77.04 @ 07:01 BST Aug 21
- 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 following the recent reversal lower. 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 $79.70, the 20-day EMA.
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