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(X2) Bear Threat Still Present

BRENT TECHS
  • RES 4: $107.30 - High Jul 5
  • RES 3: $103.86 - High Jul 29 and key resistance
  • RES 2: $95.99 - 50-day EMA
  • RES 1: $95.80 - High Sep 14
  • PRICE: $92.24 @ 07:06 BST Sep 20
  • SUP 1: $88.50/87.24 - Low Sep 19 / 8 and the bear trigger
  • SUP 2: $86.54 - Low Mar 9 and a key support
  • SUP 3: $82.59 - 1.618 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 4: $80.71 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing

The Brent futures outlook remains bearish and last Thursday’s move lower reinforces this theme. Yesterday’s recovery from the day low is likely a correction. The recent break of $89.06, Jul 14 low and a bear trigger highlights a resumption of the downtrend that started early August and this has opened $86.54, the Mar 9 low. On the upside firm resistance is seen at the 50-day EMA which intersects at $95.99.

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