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BRENT TECHS: (X4) Key Support Remains Exposed

BRENT TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $86.24 - High Jul 5
  • RES 3: $83.50 - 76.4% retracement of the Jul 5 - Aug 5 bear leg
  • RES 2: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 1: $78.32 - 20-day EMA     
  • PRICE: $77.37@ 07:02 BST Sep 3
  • 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 have pulled back from last week’s high and the contract initially traded lower Monday. A continuation of the bear leg would expose $74.62, the Aug 5 low and a key support. Clearance of this level would mark a resumption of the downtrend that started in April. On the upside, a reversal higher would again refocus attention on the key short-term resistance at $81.46, the Aug 12 high.

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  • RES 4: $86.24 - High Jul 5
  • RES 3: $83.50 - 76.4% retracement of the Jul 5 - Aug 5 bear leg
  • RES 2: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 1: $78.32 - 20-day EMA     
  • PRICE: $77.37@ 07:02 BST Sep 3
  • 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 have pulled back from last week’s high and the contract initially traded lower Monday. A continuation of the bear leg would expose $74.62, the Aug 5 low and a key support. Clearance of this level would mark a resumption of the downtrend that started in April. On the upside, a reversal higher would again refocus attention on the key short-term resistance at $81.46, the Aug 12 high.