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(Q3) Bounce Considered Corrective

BRENT TECHS
  • RES 4: $84.56 - High Apr 18
  • RES 3: $82.47 - High Apr 25
  • RES 2: $80.08 - High Apr 28
  • RES 1: $76.76/78.73 - 50-day EMA / High Jun 5 and a bull trigger
  • PRICE: $75.80 @ 07:04 BST Jun 16
  • SUP 1: $71.50 - Low May 31
  • SUP 2: $71.20 - Low May 4
  • SUP 3: $70.06 - Low Mar 20 and a key support
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

A bear threat in Brent futures remains present despite yesterday’s gains and the contract continues to trade below $78.73, the Jun 5 high. Scope is seen for a move towards $71.20, the May 4 low, ahead of $70.06, the Mar 20 low. Moving average studies remain in a bear mode position and this highlights a downtrend. On the upside, clearance of $78.73 would alter the picture. Short-term gains are considered corrective - for now.

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