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(F2) Slide 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: $80.38/83.00 - 50-day EMA / High Nov 24
  • PRICE: $76.41 @ 14:04 GMT Nov 26
  • SUP 1: $75.80 - Low Sep 30
  • SUP 2: $74.54 - 50.0% retracement of the Aug 23 - Oct 25 rally
  • SUP 3: $72.92 - Low Sep22
  • SUP 4: $71.90 - 61.8% retracement of the Aug 23 - Oct 25 rally

Brent futures have traded sharply lower today. The contract has cleared former support at $77.58 to strengthen the current bearish condition. This also marks an extension of the current bearish sequence of lower lows and lower highs. Attention is on weakness towards $75.80 next, the Sep 30 low. A break would open $74.54, a Fibonacci retracement. On the upside, a move above $83.00 is required to ease the current bearish threat.

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