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(Z3) Correction Still 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: $93.79 - High Oct 20
  • PRICE: $88.12 @ 06:58 BST Oct 31
  • SUP 1: $85.18/83.44 - Low Oct 12 / 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 traded lower Monday. The trend condition remains bullish and recent short-term weakness appears to be a correction. Moving average studies are in a bull-mode condition, highlighting a rising trend. Key support lies at $83.44, the Oct 6 low. A resumption of gains would refocus attention on the bull trigger at $95.35, the Sep 28 high. For bears, a break of $83.44, would highlight a short-term top and stronger reversal.

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