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(H2) Corrective Pullback

  • RES 4: $93.89 - 2.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $91.29 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $90.00 - Psychological round number
  • RES 1: $89.50 - High Jan 19
  • PRICE: $86.84 @ 06:57 GMT Jan 21
  • SUP 1: $85.54/83.52 - Low Jan 14 / Low Jan 12
  • SUP 2: $82.90/80.50 - 20-day EMA / Low Jan 10
  • SUP 3: $79.74 - 50-day EMA
  • SUP 4: $77.04 - Low Jan 3 and key support

Brent futures have pulled back from recent highs. A short-term pullback is considered corrective however with trend conditions still bullish. Recent gains through key resistance at $83.69, Oct 10 high confirmed a resumption of the broader uptrend and a bullish price sequence of higher highs and higher lows remains intact. The focus is on the $90.00 handle next, a Fibonacci projection. Initial firm support to watch is at $83.52, the Jan 12 low.

MNI London Bureau | +44 203-586-3805 |

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