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(Z1) Needle Still Points North

BRENT TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $88.74 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $86.55 - 1.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $86.10 - High Oct 21
  • PRICE: $84.01 @ 07:03 BST Oct 22
  • SUP 1: $83.36 - Low Oct 21
  • SUP 2: $82.20/81.84 - Low Oct 13 / 20-day EMA
  • SUP 3: $79.08/78.75 - Low Oct 7 and key support / Low Oct 4
  • SUP 4: $76.51/75.42 - Low Sep 30 and key support / High Sep 15

The bull trend in Brent futures remains intact and short-term pullbacks are considered corrective. Fresh highs this week confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Note too that the futures have recently cleared the $80.00 handle, an important psychological hurdle. The focus is on $86.55 next, a Fibonacci projection. Initial firm short-term support is seen at $81.84, the 20-day EMA.

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