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(K4) Short-Term Structure Remains Bullish

BRENT TECHS
  • RES 4: $88.31 - High Oct 20
  • RES 3: $86.52 - High Oct 27
  • RES 2: $85.47 - 76.4% retracement of the Sep 15 - Dec 13 bear cycle
  • RES 1: $84.34 - High Mar 1
  • PRICE: $81.79 @ 07:02 GMT Mar 11
  • SUP 1: $80.89/76.41 - 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 are trading below their recent highs. A bullish structure remains intact and attention is on the $83.65 key resistance, the Jan 29 high. It was pierced last Friday. A clear break of this hurdle would signal a resumption of the bull cycle that has been in place since Dec 13. This would open $85.47, a Fibonacci retracement point. On the downside, initial pivot support to watch lies at $80.89, the 50-day EMA.

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