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(H3) Bear Threat Still Present

BRENT TECHS
  • RES 4: $90.49 - High Nov 17
  • RES 3: $89.18 - High Dec 1 and a key resistance
  • RES 2: $87.00 - High Jan 3
  • RES 1: $81.59/83.68 - 20- and 50-day EMA values
  • PRICE: $79.59 @ 06:56 GMT Jan 11
  • SUP 1: $77.61 - Low Jan 5
  • SUP 2: $75.64 - Low Dec 9 and the bear trigger
  • SUP 3: $73.73 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

Brent futures remain bearish and short-term gains are considered corrective. A bearish theme follows the sharp sell-off on Jan 3 and 4. A resumption of weakness would expose $75.64, the Dec 9 low and bear trigger, where a break would confirm a resumption of the downtrend that started on Nov 7. This would pave the way for weakness towards $75.00 and below. On the upside, initial key resistance has been defined at $87.00, the Jan 3 high.

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