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Post BOE-Rate Hike React


(U2) Corrective Cycle Still In Play


Initial take

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(J2) Trend Conditions Remain Bullish

  • 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 - High Feb 24
  • PRICE: $102.50 @ 05:54 GMT Feb 28
  • SUP 1: $96.00 - Low Feb 25
  • SUP 2: $93.54 20-day EMA
  • SUP 3: $90.12 - Low Feb 18
  • SUP 4: $88.20 - 50-day EMA

Brent futures remain in an uptrend however for now, price continues to trade below the Feb 24 high of $105.79. Last week’s key technical development was the breach of the 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. Initial firm support to watch is seen at $96.00, Friday’s low.

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