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(X1) Clear Resistance And Its Bear Channel Top

BRENT TECHS
  • RES 4: $75.20 - High Jul 6 and the bull trigger
  • RES 3: $75.13 - High Jul 14
  • RES 2: $74.84 - High Jul 30
  • RES 1: $74.00 - Round number resistance
  • PRICE: $73.97 @ 06:23 BST Sep 14
  • SUP 1: $71.59/70.88 - 20-day EMA / Low Sep 8
  • 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 are firmer and have traded above key resistance at $73.69, the Sep 3 high. Note that price is also trading above its bear channel top drawn off the Jul 6 high. A break of $73.69 not only confirms a resumption of the recent uptrend but also confirms the channel breakout. This has strengthened a bullish argument and opens $74.84 next, the Jul 30 high. On the downside, key short-term support has been defined at $70.88, Sep 8 low.

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