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COMMODITIES

Oil Tentatively Up But Biden Wants More From China

US EURODLR OPTIONS

Late 2024 Upside Insurance

US TSY FLOWS

Short End Buying

FED

NY Fed Operational Purchases

US TSY FUTURES

Long End Bid Accelerates

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  • 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.