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(G3) Bear Cycle Extends

BRENT TECHS
  • RES 4: $91.63 - High Nov 17
  • RES 3: $87.66/89.37 - 50-day EMA / High Dec 1
  • RES 2: $84.72 - 20-day EMA
  • RES 1: $80.81 Low Nov 28
  • PRICE: $76.56 @ 07:05 GMT Dec 9
  • SUP 1: $75.74 - Low Dec 8
  • SUP 2: $72.33 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing
  • SUP 3: $69.28 - Low Dec 20 2021 (cont)
  • SUP 4: $68.31 - 1.236 proj of the Nov 7 - 28 - Dec 1 price swing

The trend condition in Brent futures is bearish and this week’s strong sell-off reinforces this condition. Price has cleared key support at $79.68, the Sep 26 low and a bear trigger. The break confirms a resumption of the broader downtrend. Moving averages are in a bear mode position, highlighting bearish sentiment. The focus is on $72.33 next, a Fibonacci projection. Initial resistance is seen at $80.81, the Nov 28 low.

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