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(V2) Needle Still Points North

BRENT TECHS
  • RES 4: $110.72 - High Jul 5
  • RES 3: $108.55 - 61.8% retracement of the Jun 8 - Jul 14 bear leg
  • RES 2: $106.50 - High Jul 29 and a key resistance
  • RES 1: $102.47 - High Aug 25
  • PRICE: $101.30 @ 07:08 BST Aug 29
  • SUP 1: $96.53/91.22 - Low Aug 23 / Low Jul 14 and the bear trigger
  • SUP 2: $90.00 - Round number support
  • SUP 3: $88.31 - Low Mar 9 and a key support
  • SUP 4: $85.88 - Low Feb 25

Last week’s climb in Brent futures has strengthened short-term conditions for bulls. Price has breached resistance at $100.38, Aug 12 high and traded above the 50-day EMA. The break highlights a stronger short-term reversal and opens $106.50, the Jul 29 high. On the downside, key support is unchanged at $91.22, Jul 14 low. A break would confirm a resumption of bearish activity.

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