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(F3) Corrective Pullback

  • RES 4: $105.58 - 76.4% retracement of the Jun 8 - Sep 26 bear leg
  • RES 3: $102.28 - High Jul 5
  • RES 2: $100.10 - High Jul 29
  • RES 1: $99.56 - High Nov 7
  • PRICE: $95.36 @ 07:02 GMT Nov 9
  • SUP 1: $93.73/91.46 - 20-day EMA / Low Oct 31 and a key support
  • SUP 2: $87.52 - Low Oct 18
  • SUP 3: $83.38 - Low Sep 30
  • SUP 4: $80.94 - Low Sep 26 and key support

A strong sell-off in Brent futures yesterday is considered corrective - for now. Recent gains highlight a bullish theme and price has recently cleared resistance at $96.75, the Oct 10 high and a key short-term hurdle. The break strengthens the current bullish theme and has paved the way for a climb towards $100.10, the Jul 27 high. On the downside, key short-term support to watch has been defined at $91.46, the Oct 31 low.

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