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(H1) Heading North

  • RES 4: $56.56 - 1.618 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 3: $55.85 - 1.500 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 2: $55.14 - 1.382 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 1: $54.90 - High Jan 7
  • PRICE: $54.82 @ 06:52 GMT Jan 8
  • SUP 1: $52.46 - High Dec 18 and former breakout level
  • SUP 2: $50.56 - Low Jan 4
  • SUP 3: $49.29 - Low Dec 21/23 and key support
  • SUP 4: $48.71/12 - 50-day EMA / Low Dec 8

Brent futures Tuesday reversed Monday's sell-off and negated the bearish reversal pattern we highlighted earlier this week. The break above $53.33 confirms a resumption of the underlying uptrend, paving the way for strength towards $55.14 next, a Fibonacci projection. On the downside, key near-term support has been defined at $50.56, Jan 4 low. A break of this level is required to highlight a short-term reversal.

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