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(X20): Approaching Key Support

BRENT TECHS
  • RES 4: $47.03 - Low Mar 6 and gap high on the daily chart
  • RES 3: $46.74 - 50.0% retracement of the Jan - Apr sell-off
  • RES 2: $46.61 - High Aug 5 and the bull trigger
  • RES 1: $46.05 - High Sep 2
  • PRICE: $44.29 @ 06:42 BST Sep 3
  • SUP 1: $44.17/16 - Low Aug 21 and the bear trigger / 50-day EMA
  • SUP 2: $42.10 - Low Jul 30 and a trend reversal trigger
  • SUP 3: $40.22 - Low Jun 25
  • SUP 4: $37.94 - Low Jun 12

Brent futures sold off sharply yesterday extending the pullback from the recent high of $46.54, the Aug 26 high. Attention turns to key support at $44.17, Aug 21 low where a break would confirm a short-term top and signal scope for a deeper corrective pullback. Note that a break lower would also confirm a breach of the 50-day EMA that intersects at $44.16. Initial resistance is at $46.05, yesterday's high.

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