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(Z2) Tops Both The 20- and 50-Day EMA

BRENT TECHS
  • RES 4: $104.62 - High Jul 5
  • RES 3: $101.88 - High Jul 29 and key resistance
  • RES 2: $95.54 - High Sep 5
  • RES 1: $93.99 - High Oct 6
  • PRICE: $93.55 @ 08:36 BST Oct 6
  • SUP 1: $85.00/82.44 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 2: $81.97 - 1.618 proj of the Jul 29 - Aug 5 - 30 price swing
  • SUP 3: $80.22 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 4: $78.52 - Low Jan 24

Brent futures traded higher still overnight, printing a new monthly high at 93.99. This week's gains have resulted in a break of both the 20-day and 50-day EMAs. A clear break and a strong weekly close would strengthen the short-term bullish condition and highlight a stronger reversal. This would open $95.54, the Sep 5 high. Initial firm support to watch lies at $85.00, the Sep 30 low. A break would expose the bear trigger at $82.44, the Sep 26 low.

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