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(H1) Consolidating

BRENT TECHS
  • RES 4: $58.86 - 2.00 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 3: $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont)
  • RES 2: $57.44 - 1.764 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 1: $56.64 - High Jan 20
  • PRICE: $55.39 @ 07:02 GMT Jan 28
  • SUP 1: $54.48 - Low Jan 22
  • SUP 2: $53.02 - Low Jan 6
  • SUP 3: $51.76 - 50-day EMA
  • SUP 4: $50.56 - Low Jan 4

Brent futures are consolidating and remain below this year's high. Key ST support has been defined at $54.48, Jan 22 low. A breach of this level would pave the way for a deeper corrective decline and allow an overbought trend reading to unwind. Note a break of $54.58 would also see price trade through the 20-day EMA. On the upside, key resistance is at $57.42/44. Clearance of this resistance would instead confirm a resumption of the uptrend.

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