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(F2) Correction Lower Extends

BRENT TECHS
  • RES 4: $87.73 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $87.00 - Round number resistance
  • RES 2: $85.77 - High Oct 25 and the bull trigger
  • RES 1: $80.20/83.14 - Low Nov 4 / High Nov 16
  • PRICE: $79.06 @ 06:40 GMT Nov 23
  • SUP 1: $77.58 - Low Nov 22
  • SUP 2: $77.19 - 38.2% retracement of the Aug 23 - Oct 25 rally
  • SUP 3: $75.80 - Low Sep 30
  • SUP 4: $74.70 - High Sep 15

The Brent futures short-term outlook remains bearish. The contract recently cleared a key short-term support at $80.20, Nov 4 low. This signals scope for a deeper pullback as the recent overbought condition unwinds. Potential is seen for weakness towards $77.19, a Fibonacci retracement. On the upside, initial firm resistance has been defined at $83.14, Nov 16 high where a break is required to ease the developing bearish theme.

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