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(X20): Consolidating But Remains Bullish

BRENT TECHS
  • RES 4: $48.97 - Low Mar 2
  • RES 3: $47.03 - Low Mar 6 and gap high on the daily chart
  • RES 2: $46.74 - 50.0% retracement of the Jan - Apr sell-off
  • RES 1: $46.61 - High Aug 5
  • PRICE: $45.82 @ 06:15 BST Aug 18
  • SUP 1: $44.66 - Low Aug 7 and key near-term support
  • SUP 2: $42.10 - Low Jul 30 and and the reversal trigger
  • SUP 3: $40.22 - Low Jun 25
  • SUP 4: $37.94 - Low Jun 12

Brent futures remain bullish although for now, this market continues to consolidate. Attention remains on the bull trigger at $46.61, Aug 5 high where a break would confirm a resumption of the uptrend and open $47.03, Mar 6 low and $48.97, low Mar 2. The core trend sequence of higher highs and higher lows remains intact, reinforcing underlying bullish conditions. Key near-term support is seen at $44.66, Aug 7 low.

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