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(G4) Trend Direction Remains Down

BRENT TECHS
  • RES 4: $91.04 - High Oct 20
  • RES 3: $88.55 - High Oct 27
  • RES 2: $87.12 - High Nov 3
  • RES 1: $84.61 - High Nov 30 and key short-term resistance
  • PRICE: $77.37 @ 07:03 GMT Dec 6
  • SUP 1: $76.71 - Low Nov 16 and the bear trigger
  • SUP 2: $75.07 - 76.4% retracement of the May 4 - Sep 15 bull run
  • SUP 3: $73.50 - Low Jul 6
  • SUP 4: $71.45 - Low Jun 23

Brent futures peaked at $84.61 last Thursday and the contract has since pulled back. $84.61 has been defined as a key short-term resistance where a break is required to suggest potential for a stronger rally. Note that a break would also confirm a clear breach of resistance at $83.62, the Nov 14 high. The trend direction remains down. The focus is on the bear trigger at $76.71, the Nov 16 low. A break would open $75.07, a Fibonacci retracement.

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