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(H2) Uptrend Resumes

BRENT TECHS
  • RES 4: $95.00 Round number resistance
  • RES 3: $93.89 - 2.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $91.29 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $90.47 - High Jan 26
  • PRICE: $89.34 @ 06:59 GMT Jan 27
  • SUP 1: $85.04 - Low Jan 24 and key near-term support
  • SUP 2: $84.64 - 20-day EMA
  • SUP 3: $80.98/50 - 50-day EMA / Low Jan 10
  • SUP 4: $77.04 - Low Jan 3 and key support

Brent futures have resumed their uptrend following yesterday’s climb above former resistance at $89.50, the Jan 19 high. This maintains the bullish price sequence of higher or higher highs and higher lows and moving average conditions remain in a bull mode. $90.00 has been probed and the focus is on $91.29, a Fibonacci projection. On the downside, key short-term support has been defined at $85.04, the Jan 24 low.

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