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ICE BRENT(Q19): Double bottom reversal....>

OIL TECHS
OIL TECHS: ICE BRENT(Q19): Double bottom reversal
*RES 4: 68.47 - 61.8% retracement of the Apr-Jun fall
*RES 3: 66.75 - 50% retracement of the Apr-Jun decline
*RES 2: 65.91 - Low May 23
*RES 1: 65.73 - 50-day EMA
*PRICE: 64.60 @ 07:35 BST Jun 21
*SUP 1: 62.40 - Low Jun 20
*SUP 2: 60.25 - Low Jun 18
*SUP 3: 59.45 - Low June 5
*SUP 4: 58.99 - Low Nov 29
Brent confirms double bottom. Yesterday's rally through resistance at 64.10
confirmed a double bottom reversal paving the way for a stronger push higher
near-term. Momentum conditions have unwound oversold readings from early June
and are now pointing north. Potential is seen for a move to 66.75, the 50%
retracement of the Apr 25-Jun 4 decline. Note that 68.75 represents the double
bottom projection and is a target further out. Initial support is at 62.40.

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