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BRENT TECHS: (X4) Gains Considered Corrective

BRENT TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.74 - High Jul 18 
  • RES 3: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 2: $76.53 - 50-day EMA 
  • RES 1: $74.14/75 - 20-day EMA / Intraday high       
  • PRICE: $74.59 @ 06:50 BST Sep 20
  • SUP 1: $71.46/68.68 - Low Sep 13 / 10 and the bear trigger   
  • SUP 2: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $65.95 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.24 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

Brent futures have traded higher this week. The move higher is considered corrective and a downtrend remains intact. Recent weakness confirmed a resumption of the downtrend and sights are on $67.63, a Fibonacci projection. Note that the downtrend is oversold. A stronger recovery would allow this condition to unwind. The 20-day EMA has been breached. The next resistance to watch is $76.63, the 50-day EMA.

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  • RES 4: $83.74 - High Jul 18 
  • RES 3: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 2: $76.53 - 50-day EMA 
  • RES 1: $74.14/75 - 20-day EMA / Intraday high       
  • PRICE: $74.59 @ 06:50 BST Sep 20
  • SUP 1: $71.46/68.68 - Low Sep 13 / 10 and the bear trigger   
  • SUP 2: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $65.95 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.24 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

Brent futures have traded higher this week. The move higher is considered corrective and a downtrend remains intact. Recent weakness confirmed a resumption of the downtrend and sights are on $67.63, a Fibonacci projection. Note that the downtrend is oversold. A stronger recovery would allow this condition to unwind. The 20-day EMA has been breached. The next resistance to watch is $76.63, the 50-day EMA.