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(X2) Corrective Bounce

BRENT TECHS
  • RES 4: $107.30 - High Jul 5
  • RES 3: $96.99/103.86 - High Sep 5 / High Jul 29 and key resistance
  • RES 2: $93.83 - 50-day EMA
  • RES 1: $90.52 - 20-day EMA
  • PRICE: $88.38 @ 06:35 BST Sep 30
  • SUP 1: $83.65 - Low Sep 26 and the bear trigger
  • SUP 2: $82.59 - 1.618 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 3: $80.71 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 4: $79.12 - Low Jan 24

Brent futures traded higher again yesterday, extending the bounce from Monday’s low of $83.65. Short-term gains are considered corrective. The contract traded lower Monday and this confirms a resumption of the broader downtrend. The move lower strengthens bearish conditions and maintains the price sequence of lower lows and lower highs. The focus is on $82.59 next, a Fibonacci projection. Firm trend resistance is at the 50-day EMA, at $93.83.

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