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(Z20): Major Support Cleared

  • RES 4: $45.04 - High Sep 4
  • RES 3: $44.30 - High Sep 18 and key near-term resistance
  • RES 2: $43.03 - High Sep 28
  • RES 1: $40.77 - Intraday high
  • PRICE: $39.69 @ 09:29 BST Oct 2
  • SUP 1: $38.91 - 0.764 proj of Aug 26 - Sep 8 low from Sep 18 high
  • SUP 2: $38.59 - Low Jun 15
  • SUP 3: $38.25 - Low Jun 12
  • SUP 4: $37.69 - 50.0% retracement of the Apr - Aug rally

Brent futures have today cleared key support at $39.88, Sep 9 low. The break reinforces bearish conditions and also confirms a resumption of the downtrend that started late August. This paves the way for a move towards $38.25, Jun 12 low and $37.69, 50.0% of the Apr - Aug rally. Moving average studies are in a bear mode too, reinforcing the current bearish climate. Firm resistance is seen at $43.03, Sep 28 high.

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