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(M4) Corrective Mode

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: $92.18 - High Apr 12
  • PRICE: $87.51 @ 06:59 BST Apr 18
  • SUP 1: $85.35 - 50-day EMA
  • SUP 2: $80.56 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
  • SUP 3: $76.18 - Low Feb 5
  • SUP 4: $72.38 Low Dec 13 and a key support

Brent futures traded sharply lower Wednesday and in the process, the contract cleared support around the 20-day EMA. The move lower highlights the start of a corrective cycle and suggests potential for an extension towards $85.35, the 50-day EMA. A clear break of this average is required to suggest scope for a deeper retracement. Key resistance and the bull trigger has been defined at $92.18, the Apr 12 high. A break would resume the uptrend.

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