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(G2) Watching The 50-day EMA

BRENT TECHS
  • RES 4: $81.88 - High Nov 24
  • RES 3: $80.42 - High Nov 26
  • RES 2: $76.68/70 -50-day EMA / High Dec 9
  • RES 1: $75.16High Dec 14
  • PRICE: $74.66 @ 06:54 GMT Dec 16
  • SUP 1: $72.50 - Low Dec 15
  • SUP 2: $69.24/65.72 - Low Dec 3 / Low Dec 2 and the bear trigger
  • SUP 3: $62.95 - Low Aug 23 and a key support
  • SUP 4: $62.54 - Low May 21

Brent futures have retraced part of the rally between Dec 2 - 9. A deeper retracement would signal scope for a test of $69.24, Dec 3 low. The major support is at the Dec 2 low of $65.72. On the upside, clearance of $76.70, Dec 9 high and $76.68, the 50-day EMA would reinstate a bullish focus and open $80.42, the Nov 26 low. Note that MA studies are in a bear mode. This suggests the broader trend direction is down and that gains are corrective.

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