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(H4) Clears Resistance

BRENT TECHS
  • RES 4: $89.99 - High Oct 20
  • RES 3: $87.78 - High Oct 27
  • RES 2: $86.64 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
  • RES 1: $84.80 - Intraday high
  • PRICE: $83.79 @ 07:00 GMT Jan 29
  • SUP 1: $79.46 - 50-day EMA
  • SUP 2: $76.50 - Low Jan 17
  • SUP 3: $74.79 - Low Jan 03
  • SUP 4: $72.67/71.21 - Low Dec 13 and the bear trigger / Low Jun 23

Brent futures traded higher last week, extending the bull cycle that resulted in a break of resistance at $81.45, the Dec 26 high. The breach undermines the recent bearish theme and highlights a stronger bullish condition. Today’s early gains have resulted in a print above $84.22, the Nov 30 high and the next key hurdle for bulls. A clear break would open $86.64, a Fibonacci retracement. Initial support to watch lies at $79.46, the 50-day EMA.

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