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(Q4) Gains Appear To Be A Correction

BRENT TECHS
  • RES 4: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $90.22 - High Apr 12 and the bull trigger
  • RES 2: $84.72/87.77 - High May 29 / High Apr 26
  • RES 1: $81.47 - 20-day EMA
  • PRICE: $79.96 @ 07:00 BST Jun 7
  • SUP 1: $76.76 - Low Jun 4
  • SUP 2: $75.63 - Low Feb 5
  • SUP 3: $73.47 - Low Dec 13 and a key support
  • SUP 4: $71.20 - 1.382 proj of the Apr 12 - May 24 - 29 price swing

Brent futures have recovered from their recent lows. For now, gains are considered corrective and a bearish theme remains in play. Recent weakness resulted in the breach of a number of important short-term supports. Price is through $80.44, the May 24 low, and $77.42, 76.4% of the Dec 13 - Apr 12 bull cycle. The break lower signals potential for an extension to $75.63, the Feb 5 low. Initial firm resistance is $84.72, the May 29 high.

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