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(V2) Still Appears Vulnerable

BRENT TECHS
  • RES 4: $110.72 - High Jul 5
  • RES 3: $106.50 - High Jul 29 and a key resistance
  • RES 2: $100.38/51 - High Aug 12 / 50-day EMA
  • RES 1: $97.56 20-day EMA
  • PRICE: $96.11 @ 06:48 BST Aug 19
  • SUP 1: $91.22 - 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

Brent futures remain vulnerable, despite the recovery from Wednesday’s low. The move lower this week has defined a key short-term resistance at $100.38, Aug 12 high, ahead of the 50-day EMA which intersects at $100.51. Attention is on support at $91.22, Jul 14 low. A break would confirm a resumption of the broader downtrend and strengthen bearish conditions. Clearance of $100.38/96 is required to highlight a reversal.

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