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(J3) Remains Below Resistance

BRENT TECHS
  • RES 4: $92.64 - High Nov 16
  • RES 3: $90.34 - 76.4% retracement of the Nov 7 - Dec 12 bear leg
  • RES 2: $86.21/89.00 - High Feb 1 / High Jan 23 and the bull trigger
  • RES 1: $84.08 - 50-day EMA
  • PRICE: $82.05 @ 07:00 GMT Feb 7
  • SUP 1: $79.10 - Low Feb 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 have recovered from Monday’s low and are trading higher today. The bounce is - for now - considered corrective. Last week’s sell-off undermines a recent bull theme and a continuation lower would open $77.77, the Jan 5 low and a key support. A break of this level would expose $75.89, the Dec 12 low. On the upside, initial firm resistance has been defined at $84.05, the 50-day EMA. A break of the EMA would ease bearish pressure.

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