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(M4) Trend Needle Points North

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: $89.66 @ 07:08 GMT Apr 8
  • SUP 1: $86.45 - 20-day EMA
  • SUP 2: $83.71 - 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 traded higher last week, extending the current bull cycle. The recent breach of resistance at $88.51, the Sep 15 ‘23 high, reinforces 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 $86.45, the 20-day EMA.

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