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(Z2) Tops Resistance

BRENT TECHS
  • 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: $98.75 - High Oct 10 and key near-term resistance
  • PRICE: $95.82 @ 07:00 BST Oct 27
  • SUP 1: $92.58/88.77 - 20-day EMA / Low Oct 18
  • 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 traded higher Wednesday and the move has reinstated a short-term bullish theme. Key near-term support has been defined at $88.77, the Oct 18 low, where a break is required to cancel the current positive outlook. The contract has breached resistance at $95.17, Oct 12 high and this signals potential for a climb towards $98.75, the Oct 10 high and a key resistance. A break of $98.75 would further strengthen conditions for bulls.

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