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BRENT TECHS: (Z4) Trend Outlook Remains Bearish

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $79.68 - High Aug 26
  • RES 2: $76.92 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $75.21 - 50-day EMA      
  • PRICE: $71.82 @ 06:54 BST Oct 1
  • SUP 1: $70.25/68.29 - Low Sep 26 / 10 and the bear trigger   
  • SUP 2: $67.73 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $66.12 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.52 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

A bearish condition in Brent futures remains intact and last week’s move lower reinforces this theme. A key resistance at $75.21, the 50-day EMA, remains intact. A continuation lower would expose support at $68.29, the Sep 10 low and a bear trigger. Clearance of this level would open $67.73, a Fibonacci projection. On the upside, a clear break of the 50-day EMA is required to signal a potential stronger reversal.

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  • RES 4: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $79.68 - High Aug 26
  • RES 2: $76.92 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $75.21 - 50-day EMA      
  • PRICE: $71.82 @ 06:54 BST Oct 1
  • SUP 1: $70.25/68.29 - Low Sep 26 / 10 and the bear trigger   
  • SUP 2: $67.73 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $66.12 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.52 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

A bearish condition in Brent futures remains intact and last week’s move lower reinforces this theme. A key resistance at $75.21, the 50-day EMA, remains intact. A continuation lower would expose support at $68.29, the Sep 10 low and a bear trigger. Clearance of this level would open $67.73, a Fibonacci projection. On the upside, a clear break of the 50-day EMA is required to signal a potential stronger reversal.