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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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(K1) Bearish Despite A Bounce

  • RES 4: $71.38 - High Mar 5 and the key bull trigger
  • RES 3: $70.03 - High Mar 15
  • RES 2: $68.15 - High Mar 18
  • RES 1: $65.12 - High Mar 22 and a firm near-term resistance
  • PRICE: $63.27 @ 06:45 Mar 25
  • SUP 1: $60.27 - Low Mar 23
  • SUP 2: $58.56 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 3: $57.09 - High Jan 13
  • SUP 4: $56.07 - Low Feb 2

Brent crude futures rebounded yesterday. However gains are considered corrective with a bearish theme intact. The break lower this week has confirmed a break of trendline support drawn off the Nov 2, 2020 low and the 50-day EMA. This reinforces a bearish theme and opens $58.56 next, a Fibonacci retracement. On the upside, resistance is at $65.12, Mar 22 high. A break is required to ease the current bearish pressure.

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