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(F3) Outlook Remains Bullish

BRENT TECHS
  • RES 4: $105.58 - 76.4% retracement of the Jun 8 - Sep 26 bear leg
  • RES 3: $102.28 - High Jul 5
  • RES 2: $99.50 - High Aug 30
  • RES 1: $95.30/96.75 - High Oct 27 / 10 and key near-term resistance
  • PRICE: $94.08 @ 06:37 BST Nov 1
  • SUP 1: $91.45 - 50-day EMA
  • SUP 2: $87.52 Low Oct 18
  • SUP 3: $84.67 - 76.4% retracement of the Sep 26 - Oct 10 rally
  • SUP 4: $80.94 - Low Sep 26 and key support

Brent futures traded higher last week and a bullish theme remains intact. Key short-term support has been defined at $87.52, Oct 18 low, where a break would cancel the positive outlook. Recent gains have resulted in a break of resistance at $93.45, the Oct 14 high and this signals scope for a climb towards $96.75, the Oct 10 high and a key resistance. A break of $96.75 would further strengthen conditions for bulls.

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