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(Z3) Uptrend Remains Intact

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
  • PRICE: $93.07@ 07:59 BST Sep 29
  • SUP 1: $90.41 - Low Sep 26 and key support
  • SUP 2: $87.18 - 50-day EMA
  • SUP 3: $81.33 - Low Aug 24
  • SUP 4: $77.54 - Low Jul 17

The uptrend in Brent futures remains intact and this week’s recovery has confirmed a resumption of the uptrend - resistance at $94.57, the Sep 19 high, has been cleared. The move higher maintains the bullish price sequence of higher highs and higher lows and paves the way for a climb towards 96.22, a Fibonacci projection ahead of the psychological $100.00 handle. Key short-term support is at $90.41, the Sep 26 low.

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