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(X1) Trending Higher

BRENT TECHS
  • RES 4: $80.37 1.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $80.00 - Psychological round number
  • RES 2: $78.13 - 0.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $77.74 - Intraday high
  • PRICE: $77.51 @ 07:05 BST Sep 24
  • SUP 1: $75.60 Low Sep 23
  • SUP 2: $73.26 - Low Sep 21 and key near-term support
  • SUP 3: $70.88 Low Sep 9
  • SUP 4: $69.77/$68.13 - Low Aug 26 / Low Aug 24

Brent futures continue to trend higher. Tuesday's price formation was a doji candle, signalling scope for a resumption of gains and the contract has this week breached 76.13, Sep 15 high to resume its uptrend. The move higher paves the way for a climb towards $78.13 next, a Fibonacci projection. Key short-term support has been defined at $73.26, Sep 21 low. A break would signal a short-term top.

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