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(X20): Focus Is On 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: $45.57 @ 06:32 BST Aug 21
  • SUP 1: $44.57 - Low Aug 20
  • 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 dipped initially yesterday but recovered off the day low. The outlook remains bullish with attention on the bull trigger at $46.61, Aug 5 high. 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 at $44.57, Aug 20 low.

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