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(V2) Bearish Reversal

BRENT TECHS
  • RES 4: $115.31- High Jun 17
  • RES 3: $112.92 - High Jun 29 and a key resistance
  • RES 2: $110.72 - High Jul 5
  • RES 1: $106.50 - High Jul 29 and key short-term resistance
  • PRICE: $99.11 @ 07:06 BST Aug 2
  • SUP 1: $96.70 - Low Jul 25 and key S/T support
  • SUP 2: $94.37/91.22 - Low Jul 15 / 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 traded lower Monday, extending the pullback from Friday’s $106.50 high. The move lower highlights a failed attempt at breaching the 50-day EMA - a key pivot resistance. The EMA intersects at $103.46. This signals a potential reversal of the bull cycle between Jul 14 - 29, and has exposed support at $96.70, the Jul 25 low. A break of this level would strengthen a bearish case. Key resistance has been defined at $106.50.

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