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(J2) Corrective Pullback

BRENT TECHS
  • RES 4: $96.09 - 2.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $95.00 - Round number resistance
  • RES 2: $94.82 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $94.00 - High Feb 7
  • PRICE: $90.76 @ 06:36 GMT Feb 9
  • SUP 1: $89.93/87.72 - Low Feb 8 / Low Feb 1
  • SUP 2: $84.22 - Low Jan 24 and key support
  • SUP 3: $83.39 - 50-day EMA
  • SUP 4: $79.95 - Low Jan 10

Brent futures have pulled back from recent highs. The move lower is considered corrective and the outlook is bullish. The contract recently resumed its uptrend, breaking $88.69, the Jan 20 high. This means that a bullish price sequence of higher highs and higher lows remains intact. MA conditions are in a bull mode too. The $90.00 handle has been cleared and the focus is on $94.82, a Fibonacci projection. Initial firm support is at $87.72.

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