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BRENT TECHS: (H5) Pierces The 20-Day EMA

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 - High Jan 15           
  • PRICE: $77.97 @ 07:06 GMT Jan 27 
  • SUP 1: $77.54 - Intraday low     
  • SUP 2: $75.96 - 50-day EMA
  • SUP 3: $71.59 - Low Dec 20
  • SUP 4: $70.52 - Low Dec 6 

Brent futures remain in an uptrend despite the latest pullback - a correction. Short-term support at $78.04, the 20-day EMA, has been pierced. The current pullback is allowing an overbought condition to unwind and a clear breach of the 20-day average would expose $75.96, the 50-day EMA. A reversal higher would refocus attention on the bull trigger at $82.63, the Jan 15 high. Clearance of this level resumes the uptrend.

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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 - High Jan 15           
  • PRICE: $77.97 @ 07:06 GMT Jan 27 
  • SUP 1: $77.54 - Intraday low     
  • SUP 2: $75.96 - 50-day EMA
  • SUP 3: $71.59 - Low Dec 20
  • SUP 4: $70.52 - Low Dec 6 

Brent futures remain in an uptrend despite the latest pullback - a correction. Short-term support at $78.04, the 20-day EMA, has been pierced. The current pullback is allowing an overbought condition to unwind and a clear breach of the 20-day average would expose $75.96, the 50-day EMA. A reversal higher would refocus attention on the bull trigger at $82.63, the Jan 15 high. Clearance of this level resumes the uptrend.