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(J4) Corrective Bounce

BRENT TECHS
  • RES 4: $87.12 - High Oct 27
  • RES 3: $86.03 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
  • RES 2: $84.17 - High Jan 29 and key short-term resistance
  • RES 1: $81.55 - High Feb 1
  • PRICE: $79.63 @ 06:50 GMT Feb 8
  • SUP 1: $76.13 - Low Jan 17
  • SUP 2: $74.82 - Low Jan 03
  • SUP 3: $72.96 - Low Dec 13 and the bear trigger
  • SUP 4: $70.99 - Low Jun 23 ‘23

Brent futures remain in a bear-mode condition following the reversal last week and the current recovery appears to be a correction. The move lower resulted in a break below the 50-day EMA. A resumption of weakness would signal scope for $76.13, the Jan 17 low, ahead of $74.82, the Jan 3 low. For bulls, a breach of $84.17, the Jan 29 high, is required to reinstate a bullish theme. First resistance is $81.55, the Feb 1 high.

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