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(Q4) Bear Cycle Extends

BRENT TECHS
  • RES 4: $92.94 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $90.22 - High Apr 12 and the bull trigger
  • RES 1: $84.72/87.77 - High May 29 / High Apr 26
  • PRICE: $78.88 @ 15:02 BST Jun 3
  • SUP 1: $78.67 - Low Feb 26
  • SUP 2: $77.42 - 76.4% retracement of the Dec 13 - Apr 12 bull cycle
  • SUP 3: $75.63 - Low Feb 5
  • SUP 4: $73.47 - Low Dec 13 and a key support

Brent futures are trading sharply lower today and this has resulted in the breach of a number of important short-term supports. Price is through $80.44, the May 24 low, and $79.87, 61.8% of the Dec 13 - Apr 12 bull cycle. The break lower reinforces a bearish theme and signals potential for an extension towards $77.42, the 76.4% retracement. Initial firm resistance is $84.72, the May 29 high.

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