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(J4) Sharp Reversal

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 and key short-term resistance
  • PRICE: $79.05 @ 06:47 GMT Feb 02
  • SUP 1: $78.57 - Low Feb 1
  • 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 have reversed course and the sharp pullback from $84.17, the Jan 29 high, has resulted in a print below the 50-day EMA, at $79.42. A continuation lower would undermine the recent bullish theme and signal scope for weakness towards $76.13, the Jan 17 low. For bulls, a break of $84.17 is required to reinstate a bullish theme. This would pave the way for a climb towards $86.03, a Fibonacci retracement point.

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