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(V20): Plays the Range

BRENT TECHS
  • RES 4: $48.82 - Low Mar 2
  • RES 3: $46.68 - Low Mar 6 and gap high on the daily chart
  • RES 2: $46.37 - 50.0% retracement of the Jan - Apr sell-off
  • RES 1: $46.23 - High Aug 5
  • PRICE: $45.00 @ 08:22 BST Aug 7
  • SUP 1: $41.72 - Low Jul 30 and pivot support
  • SUP 2: $39.94 - Low Jun 25
  • SUP 3: $37.59 - Low Jun 12 and a reversal trigger
  • SUP 4: $35.87 - Low May 29

Brent futures remain strong having edged above the bull triggers at the Jul 21 / 23 highs Wednesday, raising the likelihood of an imminent test of the Fib resistance at 46.37 (the 50% retracement of the Jan-Apr sell-off). If markets fail ahead of this mark, the outlook will remain more neutral. A break through pivot support at 41.72 would worsen the outlook materially and set the scene for a deeper pullback that would expose 39.94, Jun 25 low, an important reversal trigger too.

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