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BRENT TECHS: (H5) Impulsive Bull Phase Extends

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $85.85 - 1.382 proj of the Sep 10 - Oct 7 - 29 price swing    
  • RES 3: $84.63 - High Apr 12 ‘24 and a key M/T resistance
  • RES 2: $83.79 - High Jul 5 and a key resistance
  • RES 1: $82.63 - Intraday high           
  • PRICE: $82.47 @ 22:04 GMT Jan 15 
  • SUP 1: $79.62 - Low Jan 15    
  • SUP 2: $76.08 - 20-day EMA 
  • SUP 3: $71.59 - Low Dec 20
  • SUP 4: $70.52 - Low Dec 6 

Brent futures remain in an uptrend and the contract is again trading higher. The latest recovery confirms a continuation of the current bull cycle and an acceleration of it. Key resistance at $79.50, the Oct 7 high, has been breached. Clearance of this level strengthens the bullish theme and opens $83.79, the Jul 5 high. Key short-term support is seen at $76.08, the 20-day EMA. A pullback would allow an overbought condition to unwind.

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  • RES 4: $85.85 - 1.382 proj of the Sep 10 - Oct 7 - 29 price swing    
  • RES 3: $84.63 - High Apr 12 ‘24 and a key M/T resistance
  • RES 2: $83.79 - High Jul 5 and a key resistance
  • RES 1: $82.63 - Intraday high           
  • PRICE: $82.47 @ 22:04 GMT Jan 15 
  • SUP 1: $79.62 - Low Jan 15    
  • SUP 2: $76.08 - 20-day EMA 
  • SUP 3: $71.59 - Low Dec 20
  • SUP 4: $70.52 - Low Dec 6 

Brent futures remain in an uptrend and the contract is again trading higher. The latest recovery confirms a continuation of the current bull cycle and an acceleration of it. Key resistance at $79.50, the Oct 7 high, has been breached. Clearance of this level strengthens the bullish theme and opens $83.79, the Jul 5 high. Key short-term support is seen at $76.08, the 20-day EMA. A pullback would allow an overbought condition to unwind.