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(Z3) Enters A Corrective Phase

BRENT TECHS
  • RES 4: $100.00 - Key psychological round number
  • RES 3: $99.73 - 1.236 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 2: $96.22 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 1: $95.35 - High Sep 28 and the bull trigger
  • PRICE: $89.74 @ 07:04 BST Oct 3
  • SUP 1: $87.37 - 50-day EMA
  • SUP 2: $81.33 - Low Aug 24
  • SUP 3: $79.84 - 61.8% retracement of the May 4 - Sep 28 bull run
  • SUP 4: $77.54 - Low Jul 17

The uptrend in Brent futures remains intact, however, the contract has entered a corrective cycle. Price has traded through support at $90.41, the Sep 26 low. The break lower strengthens a short-term bearish theme and signals scope for a move towards support at the 50-day EMA - at $87.51. A clear breach of this average would suggest potential for a deeper retracement. Key resistance has been defined at $95.35, the Sep 28 high.

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