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(U2) Short-Term Gains Considered Corrective

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: $107.02/61 - 50-day EMA / High Jul 19
  • PRICE: $105.22 @ 07:06 BST Jul 27
  • 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 trend conditions remain bearish and recent gains are still considered corrective. Resistance has been defined at $107.61, the Jul 19 high. Price continues to trade below the 50-day EMA, at $107.02. A clear breach of this EMA, would alter the picture and instead suggest scope for a stronger recovery. For bears, a resumption of weakness would pave the way for a move towards $94.50, the Jul 14 low and a bear trigger.

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