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(F3) Bear Cycle Extends

BRENT TECHS
  • RES 4: $102.28 - High Jul 5
  • RES 3: $100.10 - High Jul 29
  • RES 2: $96.95/99.56 - High Nov 14 / 7 and the bull trigger
  • RES 1: $90.63/93.33 - Intraday high / 20-day EMA
  • PRICE: $86.31 @ 14:30 GMT Nov 18
  • SUP 1: $85.33 - 76.4% retracement of the Sep 26 - Nov 7 bull cycle
  • SUP 2: $83.38 - Low Sep 30
  • SUP 3: $80.94 - Low Sep 26 and key medium-term support
  • SUP 4: $80.00 - Round number support

Brent futures remain offered and the contract is trading sharply lower again today. The move lower has resulted in a break of support at $87.52, the Oct 18 low. This reinforces the current bearish theme and paves the way for a move towards $85.33 next, a Fibonacci retracement. A break of this level would signal scope for weakness towards $80.94 further out, the Sep 26 low and a bear trigger. Initial firm resistance is at $93.33, the 20-day EMA.

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