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(U2) Inverted Head And Shoulders

BRENT TECHS
  • RES 4: $118.12 - High Jun 17
  • RES 3: $116.24 - High Jun 29 and a key resistance
  • RES 2: $114.75 - High Jul 5
  • RES 1: $108.09 - Intraday high
  • PRICE: $107.62 @ 06:49 BST Jul 28
  • SUP 1: $101.50 - Low Jul 21
  • SUP 2: $98.17/94.50 - Low Jul 15 / Low Jul 14 and the bear trigger
  • SUP 3: $90.33 - Low Mar 17
  • SUP 4: $89.60 - Low Mar 15 and a key support

Brent futures have traded higher and price has moved above the 50-day EMA, at $107.00. A clear breach of this average would strengthen the case for bulls and signal scope for a climb towards $114.75, the Jul 5 high. Note too that a clear higher would also highlight an inverted head and shoulders reversal on the daily chart. On the downside, support to watch lies at $101.50, the Jul 21 low. A break would be bearish.

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