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(V4) Oversold But Bears Remain In The Driver’s Seat

BRENT TECHS
  • RES 4: $88.44 - High Apr 12 and the bull trigger
  • RES 3: $87.05 - High Jul 5
  • RES 2: $84.66 - High Jul 18
  • RES 1: $77.95/81.82 - Low Jul 30 / 50-day EMA
  • PRICE: $77.13 @ 06:57 BST Aug 6
  • SUP 1: $74.96 - Low Feb 5
  • SUP 2: $73.31 - Low Dec 13 2023 and a key support
  • SUP 3: $70.00 - Psychological round number
  • SUP 4: $67.60 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A bear cycle in Brent futures remains in play and last week’s move lower reinforces current conditions. The contract has also traded through a key support at 76.42, the Jun 4 low. This signals scope for a continuation lower with sights on $74.96 next, the Feb 5 low. The contract is oversold, however any short-term bounce would be considered corrective. Initial firm resistance is seen at $82.05, the 50-day EMA.

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