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(J1) Consolidating But Remains Bullish

BRENT TECHS
  • RES 4: $65.88 - 1.764 proj of the Apr - Aug - Nov 2020 price swing
  • RES 3: $65.00 - Round number resistance
  • RES 2: $64.58 - High Jan 22, 2020 (cont)
  • RES 1: $63.76 - High Feb 15
  • PRICE: $63.51 @ 06:45 GMT Feb 17
  • SUP 1: $60.35 - Low Dec 12
  • SUP 2: $59.12 - 20-day EMA
  • SUP 3: $57.31 - High Jan 13 and former breakout level
  • SUP 4: $56.33 - Low Feb 2

Brent futures are consolidating but remain bullish. Monday's fresh trend high of $63.76 confirmed a resumption of the underlying bull trend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode too, reinforcing underlying positive conditions. The focus is on $64.58 next, Jan 22, 2020 high. On the downside, initial firm support lies at $60.35, the Feb 12 low.

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