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(J3) Testing Resistance At The 50-Day EMA

BRENT TECHS
  • RES 4: $90.34 - 76.4% retracement of the Nov 7 - Dec 12 bear leg
  • RES 3: $89.00 - High Jan 23 and the bull trigger
  • RES 2: $86.21 - High Feb 1
  • RES 1: $84.04/19 - 50-day EMA / Intraday high
  • PRICE: $83.84 @ 07:01 GMT Feb 8
  • 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 the contract is holding on to its latest gains. 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. On the upside, initial firm resistance has been defined at $84.04, the 50-day EMA. It has been pierced, a clear break of it would ease bearish pressure.

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