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(K4) Northbound

BRENT TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $89.26 - High Sep 15 ‘23 and a key resistance
  • RES 2: $88.31 - High Oct 20
  • RES 1: $87.18 - High Mar 18
  • PRICE: $87.17 @ 06:59 GMT Mar 20
  • SUP 1: $83.55 - 20-day EMA
  • SUP 2: $81.87/76.41 - 50-day EMA / Low Feb 5 and key S/T support
  • SUP 3: $74.84 - Low Jan 03
  • SUP 4: $73.22 - Low Dec 13 and the bear trigger

Brent futures traded higher yesterday and a bull cycle remains in play. Price has recently cleared resistance at $84.34, the Mar 1 high, to confirm a resumption of the uptrend that started Dec 13. $85.47, the 76.4% retracement of the Sep 15 - Dec 13 bear cycle, has also been cleared, reinforcing bullish conditions and this opens $88.31, the Oct 20 ‘23 high. On the downside, initial support to watch lies at $83.55, the 20-day EMA.

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