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(X2) Approaching Key Short-Term Support

BRENT TECHS
  • RES 4: $110.17 - High Jun 29
  • RES 3: $107.30 - High Jul 5
  • RES 2: $103.86 - High Jul 29 and key resistance
  • RES 1: $96.99/97.81 - High Sep 5 / 50-day EMA
  • PRICE: $91.40 @ 06:55 BST Sep 7
  • SUP 1: $90.95 - Low Aug 17
  • SUP 2: $89.06 - Low Jul 14 and the key bear trigger
  • SUP 3: $87.50 - Low Mar 15
  • SUP 4: $86.54 - Low Mar 9

Brent futures remain vulnerable and the contract is trading lower this morning as it extends this week’s bear leg. Attention is on the next important support at $90.95, the Aug 17 low. A break of this level would strengthen bearish conditions and pave the way for a move towards $89.06, the Jul 14 low and a key bear trigger. Moving average studies continue to highlight a broader bear cycle. Initial resistance is at $96.99, Monday’s high.

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