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(X20): Focus Is On Key Resistance

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 and the bull trigger
  • PRICE: $46.02 @ 06:38 BST Aug 31
  • SUP 1: $44.17/05 - 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 maintain a bullish tone however they have yet to tackle key resistance at $46.61, Aug 5 high and the key bull trigger. A break would negate recent bearish signals and more importantly confirm a resumption of the underlying uptrend. This would open $46.74 and $47.03. On the downside, key near-term support remains $44.17, Aug 21 low. A break is needed to signal a reversal.

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