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(F4) Short-Term Gains Considered Corrective

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: $84.49/87.80 - 20-day EMA / High Nov 3 and key resistance
  • PRICE: $82.94 @ 06:57 GMT Nov 15
  • 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

A bearish theme in Brent futures remains intact and short-term gains are considered corrective. The recent sell-off resulted in a break of $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 open $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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