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(U2) Bearish Focus

BRENT TECHS
  • RES 4: $118.12 - High Jun 17
  • RES 3: $116.24 - High Jun 29 and a key resistance
  • RES 2: $108.22/114.75 - 50-day EMA / High Jul 5
  • RES 1: $107.70 High Jul 8
  • PRICE: $99.63 @ 06:53 BST Jul 14
  • SUP 1: $98.28 - Intraday low
  • SUP 2: $97.25 - Low Apr 25
  • SUP 3: $95.92 - Low Apr 11
  • SUP 4: $95.13 - Low Mar 29

Brent futures remain bearish following Tuesday’s sharp sell-off. This marks the end of the recent corrective bounce and a resumption of the current bear cycle. Price has traded below $98.50, the Jul 6/7 low and a bear trigger. A continuation lower would reinforce the current downtrend and open $97.25 next, the Apr 25 low. On the upside, key short-term resistance has been defined at $107.70, the Jul 11 high.

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