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(X20): Clears Key Support

BRENT TECHS
  • RES 4: $46.74 - 50.0% retracement of the Jan - Apr sell-off
  • RES 3: $46.61 - High Aug 5 and the bull trigger
  • RES 2: $46.05 - High Sep 2
  • RES 1: $44.65/45.18 High Sep 3 / 20-day EMA
  • PRICE: $43.70 @ 06:38 BST Sep 4
  • SUP 1: $43.15 - Low Sep 2
  • 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 again yesterday, extending the pullback from the recent high of $46.54, Aug 26 high. Yesterday saw the contract trade through support at $44.17, Aug 21 low. The break has confirmed a short-term top and signals scope for a deeper corrective pullback. Note that the break lower has also confirmed a breach of the 50-day EMA at $44.16. The focus is on $42.10, Jul 30 low. Initial resistance is at $44.65, yesterday's high.

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