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(K1) Bearish Risk Still Present

BRENT TECHS
  • RES 4: $71.38 - High Mar 5
  • RES 3: $70.03 - High Mar 15
  • RES 2: $68.15 - High Mar 18
  • RES 1: $65.68 - 20-day EMA
  • PRICE: $64.02 @ 06:38 Mar 23
  • SUP 1: $61.45 - Low Mar 18 and the bear trigger
  • SUP 2: $60.00 - Round number support
  • SUP 3: $58.56 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $57.09 - High Jan 13

Brent crude futures remain vulnerable following the Mar 18 sell-off that confirmed a correction is underway. The recent trend condition was overbought and a pullback is allowing this to unwind. The sell-off has probed trendline support drawn off the Nov 2, 2020 low, a clear break would reinforce a bearish theme. $61.45, Mar 18 low is the bear trigger. A breach would open $60.00 and $58.56, a Fibonacci retracement. Resistance is at $65.68.

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