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(J2) Approaching The $100.00 Mark

BRENT TECHS
  • RES 4: $104.04 - 3.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $101.49 - 3.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $100.00 - Key psychological barrier
  • RES 1: $99.50 - High Feb 22
  • PRICE: $96.65 @ 06:58 GMT Feb 23
  • SUP 1: $91.99 20-day EMA
  • SUP 2: $90.12/87.72 - Low Feb 18 / Low Feb 1
  • SUP 3: $86.95 - 50-day EMA
  • SUP 4: $84.22 - Low Jan 24 and a key support

Brent futures have resumed their uptrend this week and traded to fresh cycle highs, clearing former resistance at $96.78, the Feb 14 high. This also marks an extension of the bullish price sequence of higher highs and higher lows and paves the way for a climb towards the important $100.00 psychological mark. Key short-term support has been defined at $90.12, the Feb 18 low where a break is required to signal a possible top.

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