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(M4) Bulls Remain In The Driver’s Seat

BRENT TECHS
  • RES 4: $96.16 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $94.94 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $92.96 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 1: $91.91 - High Apr 5
  • PRICE: $90.44 @ 07:03 GMT Apr 10
  • SUP 1: $86.82 - 20-day EMA
  • SUP 2: $83.97 - 50-day EMA
  • SUP 3: $79.70 - Low Feb 26
  • SUP 4: $76.18 - Low Feb 5 and key S/T support

A bull cycle in Brent futures remains in play and the contract is trading closer to its recent highs. The recent breach of resistance at $88.51, the Sep 15 ‘23 high, reinforced bullish conditions and this has led to a break of the psychological $90.00 handle. Sights are on $92.96, a Fibonacci projection. Moving average studies are in a bull-mode position highlighting a clear uptrend. Initial support is $86.82, the 20-day EMA.

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