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(U3) Bull Run Intact Despite Friday Pullback

BRENT TECHS
  • RES 4: $86.20 - High Jan 27
  • RES 3: $85.47 - High Apr 12 / 13 and a key resistance
  • RES 2: $83.77 - High Apr 19
  • RES 1: $82.06 - 76.4% retracement of the Apr 12 - May 4 downleg
  • PRICE: $78.58 @ 08:02 BST Jul 18
  • SUP 1: $76.98 - 20-day EMA
  • SUP 2: $75.03/71.43 - Low May 31
  • SUP 3: $71.00 - Low Jul 6 / May 4
  • SUP 4: $69.95 - Low Mar 20 and a key support

Prices pulled lower across the Friday session and remain on the soft side through the Monday open. Over the more medium-term, however, bullish conditions remain intact and the contract traded higher last week. Recent gains resulted in a move above resistance at $78.47, the Jun 5 high. The continuation higher signals scope for a climb towards $82.06, a Fibonacci retracement. Key near-term support has been defined at $75.03, the Jul 6 low. A break of this level is required to signal a possible top.

Energy BulletsCommodities
Energy BulletsCommodities

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