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(F3) Sights Are On Key Resistance

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: $96.75 - High Oct 10 and key resistance
  • PRICE: $95.56 @ 06:58 GMT Nov 3
  • SUP 1: $91.46 - Low Oct 31 and a key near-term support
  • 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 Wednesday and the contract maintains a firmer tone. Recent gains confirm an extension of the recovery from $87.52, the Oct 18 low and reinforce bullish conditions. The focus is on resistance at $96.75, the Oct 10 high and the next key resistance. A break of this level would strengthen the bullish condition. On the downside, initial firm support lies at $91.46, the Oct 31 low.

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