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(H1) Holding Onto Recent Lows

  • 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: $55.06 @ 06:50 GMT Jan 19
  • SUP 1: $54.49 - Low Jan 18
  • SUP 2: $53.53 - 20-day EMA
  • SUP 3: $50.56 - Low Jan 4
  • SUP 4: $50.43 - 50-day EMA

Brent futures have pulled back from recent highs and are holding onto the lows. An extension lower would pave the way for a test of the 20-day EMA at $53.53 and if the average is breached, scope would exist for a deeper decline. A sell-off would represent a much needed correction and allow an overbought trend reading to unwind. On the upside, key resistance is at $57.42/44. A break would resume the uptrend.

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