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(H3) Bear Trigger Under Pressure

BRENT TECHS
  • RES 4: $91.39 76.4% retracement of the Nov 7 - Dec 9 low
  • RES 3: $90.49 - High Nov 17
  • RES 2: $89.18 - High Dec 1 and a key resistance
  • RES 1: $86.28 - Intraday high
  • PRICE: $78.78 @ 07:46 GMT Jan 5
  • SUP 1: $77.72 - Low Jan 4
  • 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 slipped further Wednesday, touching pullback lows at 77.72 and thereby keeping the bear trigger at 75.64 under pressure. Price action since the beginning of the year has worked against the prior mini-bull cycle, with further weakness looking more likely in the short-term. This week’s break lower may signal a potential top, and weakness through the bear trigger would put prices at the lowest since late 2021.

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