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(K3) Resistance At The 20-Day EMA Remains Intact

BRENT TECHS
  • RES 4: $84.00 - High Mar 9
  • RES 3: $81.25 - 50-day EMA
  • RES 2: $78.42 - 20-day EMA
  • RES 1: $77.44 - High Mar 23
  • PRICE: $75.35 @ 06:56 GMT Mar 27
  • SUP 1: $72.68/70.12 - Low Mar 24 / Low Mar 20 and the bear trigger
  • SUP 2: $69.28 - Low Dec 20 2021 (cont)
  • SUP 3: $65.72 - Low Dec 2 2021 (cont)
  • SUP 4: $64.62 - 1.382 proj of the Nov - Dec - Jan price swing

A downtrend in Brent futures remains intact and last week’s recovery is considered corrective. Note that a move higher has allowed a short-term oversold condition to unwind. Recent weakness resulted in the break of $76.04, Dec 12 low and a key medium-term chart point, confirming a resumption of the bear trend and opens $69.28 next, a Fibonacci projection. Initial firm resistance to watch is $78.42, the 20-day EMA.

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