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(J4) Bull Cycle Remains In Play

BRENT TECHS
  • RES 4: $89.08 - High Oct 20
  • RES 3: $87.12 - High Oct 27
  • RES 2: $86.03 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
  • RES 1: $84.17 - High Jan 29
  • PRICE: $82.11 @ 06:58 GMT Jan 30
  • SUP 1: $79.28 - 50-day EMA
  • SUP 2: $76.13 - Low Jan 17
  • SUP 3: $74.82 - Low Jan 03
  • SUP 4: $72.96 - Low Dec 13 and the bear trigger

Brent futures traded higher last week, extending the bull cycle that resulted in a break of $81.22, Dec 26 high. The breach undermines the recent bearish theme and highlights a stronger bullish condition. Monday’s sell-off appears to be a correction. Yesterday’s initial gains resulted in a print above $83.84, the Nov 30 high and the next key hurdle for bulls. A clear break would open $86.03, a Fibonacci retracement. Initial support is at $79.28, the 50-day EMA.

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