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Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective


(M2)‌‌ Holding On To This Week’s Gains

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OIL TECHS: ICE BRENT: (X17) Bears Need Close Below 55-DMA
*RES 4: $52.23 - High Aug 14 
*RES 3: $51.33 - 21-DMA 
*RES 2: $51.22 - High Aug 16 
*RES 1: $50.67 - Hourly resistance Aug 16
*PRICE: $50.28 @ 0430GMT
*SUP 1: $49.98 - Low Aug 15 
*SUP 2: $49.95 - Daily Bull channel base 
*SUP 3: $49.59 - 55-DMA 
*SUP 4: $48.26 - Low July 24
*COMMENTARY: The lack of follow through above the 200-DMA last week has been
followed up with losses that see bears focused on the 55-DMA. Support emerging
ahead of the 55-DMA is less than ideal for bears who look for a close below the
55-DMA to initially target $47.78-48.26. Layers of resistance remain with bulls
needing a close above the 21-DMA to ease bearish pressure and above $50.23 to
return focus to $53.42-54.02.

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