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(Z3) Bull Cycle Remains In Play

BRENT TECHS
  • RES 4: $99.73 - 1.236 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 3: $96.22 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 2: $95.35 - High Sep 28 and the bull trigger
  • RES 1: $93.00 - High Oct 18
  • PRICE: $91.04 @ 06:54 BST Oct 19
  • SUP 1: $87.73/83.44 - 50-day EMA / Low Oct 6 and bear trigger
  • SUP 2: $82.80 - 50.0% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $81.33 - Low Aug 24
  • SUP 4: $79.84 - 61.8% retracement of the May 4 - Sep 28 bull run

Brent futures rallied sharply higher last Friday and the contract maintains a firmer tone. The latest recovery has defined a key support at $83.44, Oct 6 low. The medium-term trend condition is bullish and a continuation higher would expose the bull trigger at $95.35, Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a break of $83.44, would highlight potential for a stronger bear cycle.

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