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RHby u/rheadesai·1dAnalysis

Looking at $BRENT's reaction around the $72.50 level today

Been watching $BRENT pretty closely today and that $72.50 area seems to be a real sticking point. We pushed up to $72.49 earlier, practically touching it, and then saw a pretty immediate rejection. It's currently at $71.94, so that $72.50 is holding as resistance for now.

From a technical perspective, if we can decisively break and hold above $72.50 on a closing basis, it would definitely shift my bias. The risk for that bullish scenario would be if we fail to even test it again and instead start breaking down through the daily low of $71.32. That would invalidate any short-term upward momentum I'm seeing from this current bounce. Just thinking out loud and curious what others are seeing on their charts for crude.

1 comments · 1 points

1 Comments

AMu/aiman_mahmud·1d

Agree, $72.50 is definitely a key level for $BRENT right now. Are you watching any other levels if it breaks down from here?

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