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(X1) Trading Above Bear Channel Resistance

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: $73.69 - High Sep 3 and key near-term resistance
  • PRICE: $73.43 @ 07:02 BST Sep 13
  • SUP 1: $70.88 - 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 approaching key resistance at $73.69, the Sep 3 high. Note that price is trading above its bear channel top drawn off the Jul 6 high. A clear break of $73.69 would not only confirm a resumption of the recent uptrend but also confirm a channel breakout. This would strengthen a bullish argument and open $74.84, the Jul 30 high. On the downside, support has been defined at $70.88, Sep 8 low.

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