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(X1) Heading North

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: $75.46 @ 06:44 BST Sep 17
  • SUP 1: $72.47/70.88 - 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 traded higher Wednesday and in the process breached the Jul 6 high of $75.87. This confirms a resumption of the broader uptrend and strengthens a bullish case following this week's 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 8 low.

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