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(H1) Bullish Theme Still Dominates

BRENT TECHS
  • RES 4: $60.00 psychological round number
  • RES 3: $58.86 - 2.00 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 2: $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont)
  • RES 1: $57.44 - 1.764 proj of the Nov 13 - 26 rally from Dec 2 low
  • PRICE: $54.55 @ 05:34 GMT Jan 18
  • SUP 1: $53.94 - Jan 7 low
  • SUP 2: $52.46 - High Dec 18
  • SUP 3: $50.56 - Low Jan 4
  • SUP 4: $49.29 - Low Dec 21/23 and key support

Brent futures remain bullish despite the recent pullback. This month's gains reinforces the uptrend and maintains a bullish price sequence of higher highs and higher lows. A positive theme also follows the Jan 5 breach of $52.46, Dec18 high that confirmed a resumption of the underlying uptrend. The focus is on $57.44 and $58.86, both Fibonacci projections. Initial support lies at $54.99.

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