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(Z20): Focus Remains On the Directional Triggers

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: $42.27 @ 06:31 BST Oct 20
  • SUP 1: $41.36 - Low Oct 12
  • 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

Recent price action in Brent futures has defined resistance at $43.57, Oct 9 high and support at $41.36, Oct 12 low. These levels mark the near-term directional triggers. A bullish theme remains intact following the strong recovery off the Oct 2 low. A break of $43.57 would confirm a resumption of strength and open the key resistance at $44.30, Sep 18 high. Sub $41.22 levels would be bearish.

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