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(M4) Trend Structure Remains Bullish

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: $90.68 @ 06:59 BST Apr 16
  • SUP 1: $88.10 - 20-day EMA
  • SUP 2: $85.08 - 50-day EMA
  • SUP 3: $79.70 - Low Feb 26
  • SUP 4: $76.18 - Low Feb 5 and key S/T support

Brent futures are in consolidation mode. A bull cycle is in play and the contract continues to trade closer to its recent highs. Moving average studies are in a bull-mode position too, highlighting a clear uptrend. Last Friday’s fresh trend high reinforces bullish conditions and short-term weakness is considered corrective. A resumption of gains would open $92.96, a Fibonacci projection. Initial firm support is $88.10, the 20-day EMA.

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