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BRENT TECHS: (X4) Key Resistance Remains Exposed

BRENT TECHS
  • RES 4: $87.64 - High Apr 12 and a medium-term bull trigger
  • RES 3: $86.24 - High Jul 5 
  • RES 2: $83.50 - 76.4% retracement of the Jul 5 - Aug 5 bear leg 
  • RES 1: $81.46 - High Aug 12 and key resistance     
  • PRICE: $77.80 @ 07:05 BST Aug 29
  • SUP 1: $74.62 - Low Aug 5 and a key support  
  • SUP 2: $74.64 - Low Feb 5
  • SUP 3: $73.16 - Low Dec 13 2023 and a key support
  • SUP 4: $70.35 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing   

Brent futures traded sharply higher Monday, marking an extension of the rebound from the Aug 21 low. The contract has since pulled back. A resumption of gains would refocus attention on the key short-term resistance at $81.46, the Aug 12 high. A break would highlight a stronger reversal. For bears, a stronger reversal lower would instead expose $74.62, the Aug 5 low and key support. 

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