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CZKPLN ‘Bear’ Consolidation Resumes

STIR FUTURES

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(H2) Eyeing $90.00

BRENT TECHS
  • 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: $89.17 - High Jan 19
  • PRICE: $88.35 @ 06:50 GMT Jan 20
  • SUP 1: $85.54/83.52 - Low Jan 14 / Low Jan 12
  • SUP 2: $82.32/80.50 - 20-day EMA / Low Jan 10
  • SUP 3: $79.39 - 50-day EMA
  • SUP 4: $77.04 - Low Jan 3 and key support

Brent futures traded higher again Wednesday. Last week’s strong gains resulted in a break of key resistance at $83.69, Oct 10 high. This confirmed a resumption of the broader uptrend. The focus is on the $90.00 handle next, a Fibonacci projection. Moving average conditions remain in a bull mode, highlighting the current positive sentiment. Initial firm support to watch is at $83.52, the Jan 12 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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