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(J1) Resumes Its Uptrend

BRENT TECHS
  • RES 4: $67.00 - Round number resistance
  • RES 3: $66.00 - High Jan 20, 2020 (cont)
  • RES 2: $65.88 - 1.764 proj of the Apr - Aug - Nov 2020 price swing
  • RES 1: $65.52 - Intraday high
  • PRICE: $64.91 @ 06:57 GMT Feb 18
  • SUP 1: $62.73 - Low Feb 17
  • SUP 2: $60.35 - Low Dec 12
  • SUP 3: $59.12 - 20-day EMA
  • SUP 4: $57.31 - High Jan 13 and former breakout level

Brent futures have resumed their uptrend and extended gains plus traded above $65.00. The continued climb confirms 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 current trend conditions. The focus is on $65.88 next, a Fibonacci projection. On the downside, initial firm support lies at $60.35, the Feb 12 low.

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