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(K1) Corrective Cycle

BRENT TECHS
  • RES 4: $71.75 - High Jan 8, 2020 (cont)
  • RES 3: $70.00 - Psychological round number
  • RES 2: $67.06 - 2.0% Upper Bollinger Band
  • RES 1: $66.82 - High Feb 25
  • PRICE: $63.04 @ 06:39 Mar 2
  • SUP 1: $62.10 - 20-day EMA
  • SUP 2: $61.39 - Low Feb 19
  • SUP 3: $59.92 - Low Feb 12 and trendline drawn off Nov 2, 2020 low
  • SUP 4: $57.89 - 50-day EMA

Brent crude futures remain in an uptrend although from a short-term perspective, and with price trading below recent highs, a corrective wave dominates. This is allowing an overbought condition to unwind and attention is on the 20-day EMA at $62.10. A break of the average would allow for a deeper pullback towards trendline support at $59.92, drawn off the Nov 2 low. Key resistance and the bull trigger is at $67.70.

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