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  • Writer's picturePeet Serfontein

Analyst thoughts: Brent Medium-Term

VIEW RETAINED FOR A BULLISH PRICE ACTION TO $99 AND $105.50

  • The long-held view of a W,X,Y upside to R2 and R3 is materialising.

  • The recent break of the previous top at S0 has further confirmed the upside.

  • The detailed illustration is self-explanatory and has a generalised outlook.

  • Overbought and diverging RSI conditions (Z) could result in interim downside off R1 towards S1*.

  • The highlighted view remains valid as long as the commodity remains above S1*

Target and re-assessment levels

View negated S1*

Primary trend A bull trend to R2/R3

Prevailing trend Downside off R1 to S0 and S1*

Technical rating Medium to high


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