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(F2) Support Remains Intact

BRENT TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $87.73 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $87.00 - Round number resistance
  • RES 1: $85.77 - High Oct 25 and the bull trigger
  • PRICE: $82.85 @ 06:58 GMT Nov 16
  • SUP 1: $80.20 - Low Nov 4 and key short-term support
  • SUP 2: $80.07 - 50-day EMA
  • SUP 3: $78.42 - Low Oct 7
  • SUP 4: $75.80 - Low Sep 30

Brent futures remain below recent highs. Key resistance and the bull trigger is at $85.77, Oct 25 high. A break of this hurdle is required to confirm a resumption of the underlying uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.73, a Fibonacci projection. On the downside, key short-term support to watch is unchanged at $80.20 Nov 4 low where a break would instead reverse the trend.

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