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(V1) Gains Considered Corrective

BRENT TECHS
  • RES 4: $75.65 - High Jul 30
  • RES 3: $73.55 - High Aug 3
  • RES 2: $71.90 - High Aug 12 and a key resistance
  • RES 1: $68.14/70.04 - Low Aug 16 / High Aug 18
  • PRICE: $66.46 @ 06:54 BST Aug 23
  • SUP 1: $64.60 - Intraday low
  • SUP 2: $63.89 - Low May 21 and a key support
  • SUP 3: $63.43 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 4: $62.71 - Low Apr 22

Brent futures remain in a downtrend despite today's gains. The contract last week cleared key former support at $66.91, the Jul 20 low. The breach of this bear trigger strengthens a bearish case and signals scope for a deeper retracement. Moving averages have reversed their condition from bullish to bearish, highlighting a stronger bearish threat. The focus is on $63.89, May 21 low. Initial firm resistance to watch is $70.04, Aug 18 high.

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