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(J2) Clears $100.00 And Doesn’t Look Back

BRENT TECHS
  • RES 4: $110.00 - Round number support
  • RES 3: $109-71 - 3.764 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $108.16 - 3.618 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $105.79 - Intraday high
  • PRICE: $104.92 @ 12:52 GMT Feb 24
  • SUP 1: $97.56 - Intraday low
  • SUP 2: $95.80 - Low Feb 22
  • SUP 3: $92.45 20-day EMA
  • SUP 4: $90.12/87.72 - Low Feb 18 / Low Feb 1

Brent futures have resumed their uptrend once again today and the rally has accelerated. Today’s key technical development has been the breach of the key psychological barrier at $100.00. This marks an extension of the bullish price sequence of higher highs and higher lows and paves the way for a climb towards $108.16 next, a Fibonacci projection. On the downside, initial firm support is seen at today’s intraday low of $97.56.

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