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(F4) Bear Threat Remains Present

  • RES 4:$93.20 - High Sep 28 and the bull trigger
  • RES 3: $89.49/92.32 - High Oct 24 / 20
  • RES 2: $87.80 - High Nov 3
  • RES 1: $83.97 - High Nov 14 and key short-term resistance
  • PRICE: $81.00 @ 07:02 GMT Nov 23
  • SUP 1: $76.60 - Low Nov 8
  • SUP 2: $75.51 - 76.4% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $73.82 - Low Jul 6
  • SUP 4: $71.68 - Low Jun 23

Brent futures traded in a volatile manner yesterday. A bearish theme remains intact and the latest recovery is considered corrective - for now. Last week’s sell-off reinforced a bearish theme. Note too that moving average studies are in a bear-mode position, highlighting a downtrend. This signals scope for $75.51 next, a Fibonacci retracement. A break of this level would strengthen the bearish threat. Key short-term resistance is at $83.97, the Nov 14 high.

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