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(X20): Bearish Focus

BRENT TECHS
  • RES 4: $44.83 - 76.4% retracement of the Aug 26 - Sep 14 low
  • RES 3: $44.65 - High Sep 3
  • RES 2: $43.80 - High Sep 18 and key near-term resistance
  • RES 1: $42.62 - High Sep 23
  • PRICE: $41.59 @ 06:37 BST Sep 24
  • SUP 1: $40.96 - Low Sep 21
  • SUP 2: $40.59 - Low Sep 16
  • SUP 3: $39.30/25 - Low Sep 14 / 38.2% of the Apr - Aug rally
  • SUP 4: $37.94 - Low Jun 12

Brent futures are unchanged having reversed recent gains. Monday's sell-off confirms a top at $43.80, Sep 18 high. Price action last week stalled at the 61.8% retracement of the Aug 26 - Sep 14 decline. A bearish price pattern marked price action on Sep 18, a doji and Monday's sharp sell-off has reinforced the bearish significance of this pattern. Continued weakness would open $39.30, Sep 14 low. Key resistance has been defined at $43.80.

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