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(J1) Uptrend Remains Intact Despite Pullback

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 - High Feb 18
  • PRICE: $62.91 @ Close Feb 19
  • SUP 1: $62.09 - Low Feb 19
  • SUP 2: $60.35 - Low Dec 12
  • SUP 3: $60.02 - 20-day EMA
  • SUP 4: $58.43 - Bull channel base drawn off the Nov 2, 2020 low

Brent futures maintain a bullish stance despite the pullback late last week. Recent gains have 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 current trend conditions. The focus is on $65.88 next, a Fibonacci projection. On the downside, initial firm support lies at $60.35, Feb 12 low.

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