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(G1) Bull Trend Pauses

BRENT TECHS

BRENT TECHS:

  • RES 4: $53.15 - 1.000 proj of the Nov 16 - 25 rally from Dec 2 low
  • RES 3: $52.00 - Round number resistance
  • RES 2: $51.66 - 0.764 proj of the Nov 16 - 25 rally from Dec 2 low
  • RES 1: $51.06 - High Dec 10 and the bull trigger
  • PRICE: $50.60 @ 06:32 GMT Dec 16
  • SUP 1: $48.09 - Low Dec 8 and the key support
  • SUP 2: $47.78 - 20-day EMA
  • SUP 3: $46.82 - Low Dec 2
  • SUP 4: $45.00 - Low Nov 23

Brent futures continue to consolidate but remain bullish. The contract rallied to a fresh trend high Dec 10, resuming its uptrend once again. The break higher maintains the bullish price sequence of higher highs and higher lows that defines an uptrend with moving average studies also in a bull mode condition. The focus is on $51.66 next, a Fibonacci projection. On the downside, firm support is seen at $48.09, low Dec 8.

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