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(V2) Strong Gains

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: $105.48 - High Aug 29
  • PRICE: $104.29 @ 06:17 BST Aug 30
  • SUP 1: $98.10 - Low Aug 26
  • SUP 2: $96.53/91.22 - Low Aug 23 / 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 remain bullish and yesterday’s gains reinforce the current positive condition. Price remains above the 50-day EMA - the clear breach of this average strengthened the bullish condition. This has opened $106.50, the Jul 29 high. Clearance of this hurdle would further strengthen a bull theme. On the downside, key support is unchanged at $91.22, Jul 14 low. Initial firm support has been defined at $98.10, the Aug 26 low.

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