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(V4) Bullish Outlook

BRENT TECHS


  • RES 4: $88.44 - High Apr 12 and a medium-term bull trigger
  • RES 3: $87.05 - High Jul 5
  • RES 2: $84.22 - 76.4% retracement of the Jul 5 - Aug 5 low
  • RES 1: $82.40 - High Aug 12
  • PRICE: $80.86 @ 07:03 BST Aug 16
  • SUP 1: $78.77 - Low Aug 9
  • SUP 2: $75.05/74.96 - Low Aug 5 and a key support / Low Feb 5
  • SUP 3: $73.31 - Low Dec 13 2023 and a key support
  • SUP 4: $67.60 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures continue to trade below their recent highs. A strong rally on Monday highlights a possible short-term reversal and undermines the recent bearish theme. A continuation higher would strengthen a bullish theme and open $84.22, a Fibonacci retracement. On the downside, a reversal lower would instead refocus attention on the key short-term support at $75.05, the Aug 5 low.

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