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(J2) Edging Off Highs

BRENT TECHS
  • RES 4: $100.00 - Key psychological barrier
  • RES 3: $98.94 - 2.764 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $97.36 - 2.618 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $96.78 - High Feb 14
  • PRICE: $93.18 @ 16:55 GMT Feb 17
  • SUP 1: $89.93/87.72 - Low Feb 8 / Low Feb 1
  • SUP 2: $84.89 - 50-day EMA
  • SUP 3: $84.22 - Low Jan 24 and key support
  • SUP 4: $79.95 - Low Jan 10

Brent futures have printed lower highs for a second session, suggesting some near-term congestion in prices - although the longer-term outlook remains a positive one. Note too that corrective dips remain shallow for now and this highlights and reinforces underlying bullish sentiment. The focus is on $97.36 next, a Fibonacci projection. On the downside, key short-term support has been defined at $89.93, the Feb 8 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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