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(K3) Remains Vulnerable Despite Bounce

BRENT TECHS
  • RES 4: $91.48 - High Nov 14
  • RES 3: $90.00 - Round number resistance
  • RES 2: $88.78 - High Jan 23 and a key resistance
  • RES 1: $84.00/86.75 - High Mar 9 / 7 and a key resistance
  • PRICE: $82.98 @ 06:51 GMT Mar 13
  • SUP 1: $80.25 - Low Feb 23 and a key short-term support
  • SUP 2: $78.84 - Low Feb 6
  • SUP 3: $77.76 - Low Jan 5
  • SUP 4: $76.04 - Low Dec 12 and the bear trigger

Brent futures remain vulnerable following last week’s bearish price action. A key resistance has been defined at $86.75, the Mar 7 high. A break of this hurdle is required to reinstate the recent bullish theme. Key short-term support lies at $80.25, the Feb 23 low. Clearance of this level would strengthen the bearish threat and open $78.48, the Feb 6 low. Initial resistance is at $84.00, last Thursday’s high.

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