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(G3) Corrective Cycle Still In Play

BRENT TECHS
  • RES 4: $91.63 - High Nov 17
  • RES 3: $89.37 - High Dec 1
  • RES 2: $85.19 - 50-day EMA
  • RES 1: $83.85 - High Dec 22
  • PRICE: $81.48 @ 06:41 GMT Dec 23
  • SUP 1: $78.28/75.11 - Low Dec 20 / Low Dec 9 and the bear trigger
  • 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

Recent gains in Brent futures have highlighted a bullish corrective cycle. Thursday’s gains reinforced this condition. The move higher resulted in a break of the 20-day EMA at $81.95. The break signals potential for a stronger recovery and this has exposed the 50-day EMA, at $85.19 - a key resistance. Initial firm support has been defined at $78.28, the Dec 20 low. A break would signal the end of the correction.

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