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(X1) Bullish Conditions Intact

BRENT TECHS
  • RES 4: $80.00 - Psychological round number
  • RES 3: $78.13 - 0.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $76.74 - 0.618 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $76.13 - High Sep 15
  • PRICE: $74.50 @ 06:59 BST Sep 21
  • SUP 1: $72.86/70.88 - 20-day EMA / Low Sep 9 and bear trigger
  • SUP 2: $69.77/$68.13 - Low Aug 26 / Low Aug 24
  • SUP 3: $64.20 - Low Aug 23
  • SUP 4: $63.54 - Low May 21 and a key support

Brent futures traded lower yesterday however at this stage, a pullback is considered corrective. The contract breached the Jul 6 high of $75.87 last week. This confirmed a resumption of the broader uptrend and strengthened a bullish case, following the recent bear channel breakout. The channel was drawn off the Jul 6 high. The focus is on $76.74 next, a Fibonacci projection. Key short-term support has been defined at $70.88, Sep 9 low.

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