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(Z20): Directional Triggers Defined

BRENT TECHS
  • RES 4: $45.27 - 776.4% retracement of the Aug 26 - Sep 8 Sell-off
  • RES 3: $45.04 - High Sep 4
  • RES 2: $44.30 - High Sep 18 and key near-term resistance
  • RES 1: $43.07 - High Sep 23
  • PRICE: $42.63 @ 06:40 BST Sep 29
  • SUP 1: $41.51 - Low Sep 21
  • SUP 2: $39.88 - Low Sep 9 and the key support
  • SUP 3: $38.59 - Low Jun 15
  • SUP 4: $38.25 - Low Jun 12

Brent futures continue to trade above the Sep 21 low of $41.51. This marks an important intraday bear trigger, a break would expose a deeper sell-off and open the major support at $39.88, Sep 8 low. Clearance of this latter level would signal a stronger bearish cycle. Key near-term resistance has been defined at $44.30, Sep 18 high where a break would instead highlight a bullish theme. $41.51 and $44.30 mark the directional triggers.

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