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(Q4) Recent Gains Considered Corrective

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: $85.20/87.77 - High May 1 / High Apr 26
  • PRICE: $83.20 @ 07:08 BST May 30
  • SUP 1: $80.44 - Low May 24
  • SUP 2: $79.87 - 61.8% 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 have recovered from their most recent low and the contract traded higher again yesterday, but has pulled back from the day high. Short-term gains are considered corrective. The trend condition is bearish and moving average studies reinforce this - they have recently crossed and are in a bear-mode set-up. A resumption of the bear leg would open $79.87, a Fibonacci retracement. Initial firm resistance is $87.77, the Apr 26 high.

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