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(F4) Bear Cycle Extends

BRENT TECHS
  • RES 4: $98.99 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 3: $93.20 - High Sep 28 and the bull trigger
  • RES 2: $89.49/92.32 - High Oct 24 / 20
  • RES 1: $82.20/87.80 - Low Oct 6 / High Nov 3 and key S/T resistance
  • PRICE: $80.07 @ 07:01 GMT Nov 9
  • SUP 1: $79.20 - Low Nov 8
  • SUP 2: $78.89 - 61.8% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $77.21 - Low Jul 17
  • SUP 4: $75.51 - 76.4% retracement of the May 4 - Sep 28 bull run

Brent futures have traded sharply lower this week. The sell-off has resulted in a break of support at $82.20, the Oct 6 low and a bear trigger. This strengthens the current bear cycle and exposes $78.89 next, a Fibonacci retracement point. Clearance of this level would pave the way for an extension towards $77.21, the Jul 17 low. On the upside, initial firm resistance has been defined at $87.80, the Nov 3 high.

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