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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: $90.63/92.23 - High Nov 18 / 20-day EMA
  • PRICE: $87.60 @ 07:16 GMT Nov 22
  • SUP 1: $82.31 - Low Nov 21
  • SUP 2: $80.94 - Low Sep 26 and key medium-term support
  • SUP 3: $80.00 - Round number support
  • SUP 4: $77.04 - Low Jan 3 (cont)

Brent futures sold off sharply Monday but retraced the day's losses and price is unchanged. A bearish theme remains intact. Recent weakness has resulted in a break of support at $87.52, Oct 18 low. This reinforces a bearish theme and note that $85.33, 76.4% of the Sep 26 - Nov 7 bull cycle has been cleared. This signals scope for weakness towards $80.94, the Sep 26 low and a bear trigger. Initial firm resistance is at $92.23, the 50-day EMA.

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