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(M3) Uptrend Remains Intact

  • RES 4: $90.46 - High Nov 15 2022
  • RES 3: $90.00 - Round number resistance
  • RES 2: $88.35 - High Jan 23 and a key resistance
  • RES 1: $87.49 - High Apr 12
  • PRICE: $86.24 @ 06:52 BST Apr 17
  • SUP 1: $83.50 - Low Apr 3 and gap high on the daily chart
  • SUP 2: $79.95 - High Mar 31 and gap low on the daily chart
  • SUP 3: $77.18 - Low Mar 30
  • SUP 4: $74.39 - Low Mar 27

Brent futures remain firm following last week’s gains and break of resistance at $86.44, the Apr 3 high. This confirmed a resumption of the current uptrend and signals scope for a climb towards $88.35, the Jan 23 high and a key resistance. On the downside, initial firm support has been defined at $83.50, the Apr 3 low and a gap high on the daily chart. Short-term pullbacks would be considered corrective.

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