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(Z20): Bullish Conditions Hold

BRENT TECHS
  • RES 4: $45.02 - 76.4% retracement of theAug 28 - Oct 2 downleg
  • RES 3: $44.30 - High Sep 18 and key resistance
  • RES 2: $43.07 - High Sep 23
  • RES 1: $42.84 - High Oct 6
  • PRICE: $42.13 @ 06:32 BST Oct 8
  • SUP 1: $41.22 - Low Oct 5
  • SUP 2: $38.79 - Low Oct 2 and the bear trigger
  • SUP 3: $38.59 - Low Jun 15
  • SUP 4: $38.25 - Low Jun 12 and a key support

Brent futures maintain a bullish tone. Monday's rally signals a reversal of the downtrend that has dominated most recently since Sep 18. A reversal pattern defines Monday's price action, a bullish engulfing candle line. This reinforces the reversal and suggests a base has developed at $38.79, Oct 2 low. Scope is seen for a recovery towards $43.07, Sep 23 high. On the downside, a break of $38.79 would reinstate a bearish theme.

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