June 06, 2024 06:14 GMT
(Q4) Impulsive Bear Cycle Remains In Play
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: $80.44 - Low May 24 and a recent breakout level
- PRICE: $78.72 @ 07:03 BST Jun 6
- 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 traded sharply lower so far this week. The move down has 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 reinforces a bearish theme and 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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