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(Z20): Attention Is On Support

BRENT TECHS
  • RES 4: $45.02 - 76.4% retracement of the Aug 28 - Oct 2 downleg
  • RES 3: $44.30 - High Sep 18 and key resistance
  • RES 2: $43.84 - High Sep 27
  • RES 1: $43.57 - High Oct 9
  • PRICE: $42.26 @ 06:38 BST Oct 23
  • SUP 1: $41.36 - Low Oct 12 and key near-term support
  • SUP 2: $39.92 - 76.4% retracement of the Oct 2 - 9 rally
  • SUP 3: $38.79 - Low Oct 2 and the bear trigger
  • SUP 4: $38.59 - Low Jun 15

Brent futures reversed direction Wednesday but did find support yesterday. Attention is on the key support at $41.36, Oct 12 low and the base of the recent volatile range. A break would highlight a bearish development and signal scope for a deeper pullback, potentially towards the $38.79 low from Oct 2. This low represents the key bear trigger. Resistance and the level that needs to be cleared to trigger stronger gains is at $43.57, Oct 9 high.

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