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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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(H2) Remains Below Recent Highs

  • 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 and the bull trigger
  • PRICE: $87.12 @ 07:01 GMT Jan 25
  • SUP 1: $85.04 - Low Jan 24
  • SUP 2: $83.65/80.50 - 20-day EMA / Low Jan 10
  • SUP 3: $80.30 - 50-day EMA
  • SUP 4: $77.04 - Low Jan 3 and key support

Brent futures remain below recent highs. A short-term pullback is considered corrective with trend conditions remaining 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 $83.97, the 20-day EMA.

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

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