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(V4) Bear Threat Still Present

BRENT TECHS
  • RES 4: $89.34 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $88.44 - High Apr 12 and the bull trigger
  • RES 2: $84.66/87.05 - High Jul 18 / 5
  • RES 1: $82.26 - 50-day EMA
  • PRICE: $80.11 @ 07:04 BST Aug 2
  • SUP 1: $77.95 - Low Jul 30
  • SUP 2: $76.42 - Low Jun 4 and a key support
  • SUP 3: $74.96 - Low Feb 5
  • SUP 4: $73.31 - Low Dec 13 2023

A bear cycle in Brent futures remains in play and the latest bounce appears to be a correction - for now. The recent breach of the 20- and 50 EMAs continues to suggest scope for an extension lower near-term. This has opened $76.42, the Jun 4 low and the next key support. Note that the medium-term trend remains bullish. A reversal higher would refocus attention on $87.05, the Jul 5 high and a key resistance.

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