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(M4) Northbound

BRENT TECHS
  • RES 4: $92.96 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $90.98 - 1.764 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $90.00 - Psychological round number
  • RES 1: $89.76 - 1.618 proj of the Jan 3 - 29 - Feb 5 price swing
  • PRICE: $89.06 @ 07:00 GMT Apr 3
  • SUP 1: $85.43 - 20-day EMA
  • SUP 2: $82.86 - 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 rallied yesterday, extending Monday’s positive start to the week. Resistance at $88.51, the Sep 15 ‘23 high has been cleared. The climb reinforces bullish conditions and sights are set on the psychological $90.00 handle. Moving average studies remain in a bull-mode position and this highlights a clear rising trend. Initial support lies at $85.43, the 20-day EMA.

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