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ICE BRENT (J19) Peaked Ahead of Dec 7.....>

OIL TECHS
OIL TECHS: ICE BRENT (J19) Peaked Ahead of Dec 7 high
*RES 4: $71.71 - 200-dma (continuation chart)
*RES 3: $64.61 - Low Nov 13 (continuation chart)
*RES 2: $63.73 - High Dec 7 (continuation chart)
*RES 1: $63.63 - High Feb 4
*PRICE: $62.73 @ 06:46 GMT Feb 5
*SUP 1: $61.33 - 21-dma (continuation chart)
*SUP 2: $58.90 - Low Jan 14 (continuation chart)
*SUP 3: $49.93 - Low Dec 26 (continuation chart)
*SUP 4: $44.35 - Low Jun 21, 2017 (continuation chart)
Bullish momentum continued through Europe Monday, taking out neckline resistance
from the Jan 21 high. Brent futures extended gains, before encountering strong
resistance ahead of the Dec 7 high. A break above here opens a run at the Nov 13
low at $64.61, ahead of the 100-dma at $67.75. Bears need to break below the
21-dma which comes in at $61.33. Below here would shift the outlook bearish and
target Jan 14 low at $58.90 ahead of the Dec 26 low at $49.93.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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