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(F3) Gains Considered Corrective

  • RES 4: $100.10 - High Jul 29
  • RES 3: $96.95/99.56 - High Nov 14 / 7 and the bull trigger
  • RES 2: $90.93 - 50-day EMA
  • RES 1: $86.87 - High Nov 25
  • PRICE: $84.49 @ 06:53 GMT Nov 29
  • SUP 1: $80.61 - Low Nov 28
  • SUP 2: $80.00 - Round number support
  • SUP 3: $77.56 - 50.0% retracement of the 2020 - 2021 major uptrend
  • SUP 4: $75.75 - Low Dec 27 2021 (cont)

Brent futures trend conditions remain bearish and short-term gains are considered corrective. Price has pierced key support at $80.94, the Sep 26 low and a bear trigger. A clear breach of this level would confirm a resumption of the broader downtrend and pave the way for weakness towards the $80.00 handle. Moving averages are in a bear mode position, highlighting a downtrend. Resistance is at $86.87, the Nov 25 high.

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