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$BRENT at 78.35 - pushing resistance or just noise?
Looking at $BRENT pushing into the 78.35 area today. This level has been pretty sticky on the daily, acting as resistance for a bit now. If it can hold above 78.50 on a closing basis, we might see some follow-through higher, but I'm wary of a possible fakeout given the speed of the recent move; a close back below 77.50 would suggest this pop is just noise and invalidates any immediate bullish case I'm considering. Could be a decent scalp setup if it consolidates, but I'm not seeing conviction for a sustained breakout just yet.
2 comments · 9 points
Definitely agree on watching that 78.50 close. I'm also keeping an eye on the volume; if it's not there to support the break, it's more likely to be a head fake than a sustained move.