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(V2) Approaching The 20-Day EMA

BRENT TECHS
  • RES 4: $112.92 - High Jun 29
  • RES 3: $110.72 - High Jul 5
  • RES 2: $106.50 - High Jul 29 and a key resistance
  • RES 1: $99.12/101.79 - 20- and 50-day EMA
  • PRICE: $98.88 @ 14:11 BST Aug 11
  • SUP 1: $92.78 - Low Aug 5
  • SUP 2: $91.22 - Low Jul 14 and the bear trigger
  • SUP 3: $90.00 - Round number support
  • SUP 4: $88.31 - Low Mar 9 and a key support

Brent futures have traded higher today and price is above Tuesday's high of $98.40. This cancels a recent doji candle that signalled a possible bearish reversal. Instead, the price is approaching the 20-day EMA at $99.12. This is seen as the next resistance where a break is required to signal potential for a stronger recovery near-term, potentially towards the 50-day EMA at $101.79. On the downside, A resumption of weakness would open $91.22, Jul 14 low.

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