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(K4) Bull Cycle Extends

BRENT TECHS
  • RES 4: $89.26 - High Sep 15 ‘23 and a key resistance
  • RES 3: $88.31 - High Oct 20
  • RES 2: $86.52 - High Oct 27
  • RES 1: $85.79 - Intraday high
  • PRICE: $85.76 @ 07:01 GMT Mar 18
  • SUP 1: $81.43/76.41 - 50-day EMA / Low Feb 5 and key S/T support
  • SUP 2: $74.84 - Low Jan 03
  • SUP 3: $73.22 - Low Dec 13 and the bear trigger
  • SUP 4: $70.80 - Low Jun 23 ‘23

Brent futures have started this week on a firm note. Price is trading higher and a bull phase remains intact. The contract has recently cleared resistance at $84.34, Mar 1 high, to confirm a resumption of the uptrend that has started Dec 13. $85.47, 76.4% of the Sep 15 - Dec 13 bear cycle, has been pierced. Clearance of this level would open $88.31, the Oct 20 ‘23 high. On the downside, initial pivot support to watch lies at $81.43, the 50-day EMA.

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