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(Z3) Trading Above Key Support

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: $91.56 - High Oct 3
  • PRICE: $90.61 @ 07:08 BST Oct 16
  • SUP 1: $87.40/83.44 - 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 Friday and the contract is holding on to its recent gains. The latest recovery has highlighted a key support at $83.44, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $95.35, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a break of $83.44, would instead highlight potential for a stronger bear cycle.

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