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(X2) Bearish Reversal Extends

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: $98.31 - 50-day EMA
  • PRICE: $93.82 @ 06:53 BST Sep 2
  • SUP 1: $91.81 - Low Sep 1
  • SUP 2: $90.95 - Low Aug 17
  • SUP 3: $89.06 - Low Jul 14 and the key bear trigger
  • SUP 4: $87.50 - Low Mar 15

Brent futures reversed course Wednesday and the sharp pullback that followed undermines a recent bullish theme. A continuation lower would expose the next important support at $90.95, the Aug 17 low, ahead of $89.06, the Jul 14 low and a key bear trigger. Moving average studies continue to highlight a broader bear cycle. Key resistance is at $103.86, the Jul 29 high, where a break is needed to reinstate a bull theme.

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