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(V3) Heading North

BRENT TECHS
  • RES 4: $92.10 - 1.50 proj of the Jun 28 - Jul 13 - Jul 18 price swing
  • RES 3: $90.63 - High Nov 11 2022 (cont)
  • RES 2: $90.00 - Psychological round number
  • RES 1: $87.75 - Intraday high
  • PRICE: $87.69 @ 06:53 BST Aug 10
  • SUP 1: $82.36/80.19 - Low Aug 3 / 50-day EMA
  • SUP 2: $78.10 - Low Jul 18 and key support
  • SUP 3: $74.78 - Low Jul 6
  • SUP 4: $72.04 - Low Jun 28

Bullish conditions in Brent futures remain intact and the contract is trading higher once again. Yesterday’s gains resulted in a break of the recent high, confirming a resumption of the uptrend and maintaining the bullish price sequence of higher highs and higher lows. The focus is on the psychological $90.00 handle. Moving average studies are in a bull mode position reflecting current market sentiment. First key support lies at $82.36, the Aug 3 low.

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