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(J3) More Neutral Short-Term View

BRENT TECHS
  • RES 4: $92.64 - High Nov 14
  • RES 3: $90.34 - 76.4% retracement of the Nov 7 - Dec 12 bear leg
  • RES 2: $89.00 - High Jan 23 and the bull trigger
  • RES 1: $86.95 - High Feb 14
  • PRICE: $82.62 @ 07:51 GMT Feb 22
  • SUP 1: $81.80/79.10 - Low Feb 17 / 6
  • SUP 2: $77.77 - Low Jan 5
  • SUP 3: $75.89 - Low Dec 12 and the bear trigger
  • SUP 4: $73.48 - 1.00 proj of the Nov 7 - Dec 12 - Jan 23 price swing

Brent futures continue to trade heavy through the Wednesday open, having taken out $84.00 handle support in the process. For now, the outlook remains neutral. On the downside, a move below $79.10, Feb 6 low, is required to reinstate a bearish theme. For bulls to recoup any control over markets, prices need to top the Feb 13 highs at 86.95.

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