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(U4) Bear Threat Remains Present

BRENT TECHS
  • RES 4: $91.99 - 2.236 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $90.23 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $89.32 - High Jul 18 / Apr 12 and the bull trigger
  • RES 1: $85.81/87.95 - High Jul 18 / 5
  • PRICE: $82.39 @ 07:06 BST Jul 26
  • SUP 1: $79.32 - 76.4% retracement of the Jun 4 - Jul 5 bull leg
  • SUP 2: $76.66 - Low Jun 4 and a key support
  • SUP 3: $75.31 - Low Feb 5
  • SUP 4: $73.37 - Low Dec 13 2023

A bear cycle in Brent futures remains in play for now. The recent breach of the 20- and 50 EMAs suggests scope for an extension lower near-term. A resumption of the bear leg would open $79.32, a Fibonacci retracement. Key support lies at $76.66, the Jun 4 low. The medium-term trend remains bullish. A reversal higher would refocus attention on $87.95, the Jul 5 high and a key resistance.

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