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(H1) Consolidative Price Action

BRENT TECHS
  • RES 4: $54.26 - 1.236 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 3: $52.84 - 1.000 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 2: $52.46 - High Dec 18 and bull trigger
  • RES 1: $52.05 - High Dec 28
  • PRICE: $51.61 @ 06:04 GMT Dec 31
  • SUP 1: $49.29 - Low Dec 21/23
  • SUP 2: $48.12 - Low Dec 8 and key support
  • SUP 3: $47.73/46.81 - 50-day EMA / Low Dec 2
  • SUP 4: $45.73 - High Nov 11

Brent futures traded lower between Dec 18 - 23 having stalled at $52.46. Trend conditions are overbought and the sell-off appears to be the start of a much needed correction. The 20-day EMA at $50.07 has thus far survived a test. A break of the average and of $49.29, Dec 21/23 low would allow for a deeper pullback and open $48.12, Dec 8 low. Key resistance is $52.46, a breach would instead resume the uptrend.

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