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(Z2) Bear Cycle Intact

  • RES 4: $107.41 - 76.4% retracement of the Aug 6 - Sep 26 bear leg
  • RES 3: $104.62 - High Jul 5
  • RES 2: $101.39 - High Aug 30
  • RES 1: $95.17/98.75 - High Oct 12 / 10 and key near-term resistance
  • PRICE: $92.56 @ 07:00 BST Oct 24
  • SUP 1: $88.67 - 61.8% retracement of the Sep 26 - Oct 10 rally
  • SUP 2: $86.29 - 76.4% retracement of the Sep 26 - Oct 10 rally
  • SUP 3: $85.00/82.44 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 4: $81.97 - 1.618 proj of the Jul 29 - Aug 5 - 30 price swing

Brent futures are trading below last week’s high. A bearish theme remains intact and the latest recovery is considered corrective. A number of important retracement levels have recently been breached. Attention is on $88.67 next, 61.8% of the Sep 26 - Oct 10 rally. A break would open $86.29, the 76.4% level. On the upside, initial firm resistance to watch is at $95.17, the Oct 12 high. Clearance of this level would ease the bearish threat.

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