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(X20): Bearish Theme Remains Intact

BRENT TECHS
  • RES 4: $46.61 - High Aug 5 and key resistance
  • RES 3: $44.65 - High Sep 3
  • RES 2: $43.44 - 50-day EMA
  • RES 1: $42.23 - High Sep 8 and key near-term resistance
  • PRICE: $39.93 @ 06:23 BST Sep 14
  • SUP 1: $39.25 - 38.2% retracement of the Apr - Aug rally
  • SUP 2: $37.94 - Low Jun 12
  • SUP 3: $36.97 - 50.0% retracement of the Apr - Aug rally
  • SUP 4: $36.03 - Low May 28

Brent futures are consolidating but maintain a softer tone following the recent sharp sell-off. This saw futures clear support at $42.10, Jul 30 low reinforcing current bearish conditions. Note, the recent break lower has also confirmed a breach of the 50-day EMA. Attention is on $39.25 next, a Fibonacci retracement and $37.94, the Jun 12 low. Initial resistance is at $42.23, Sep 8 high.

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