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  • Writer's picturePeet Serfontein

Analyst thoughts: Brent Medium-Term

VIEW RETAINED FOR A BULLISH PRICE ACTION TO $99.40/$105.50

  • The long-held view of a W, X, Y upside to R2 and R3 is materialising. The detailed illustration is self-explanatory and has a generalized outlook.

  • R3 would be an essential target where the PQ wedge has been retracted.

  • Overbought RSI conditions (Z) could result in interim downside off R1 towards S0*.

  • The highlighted view remains valid as long as the market remains above S0*

Target and re-assessment levels

View negated: S0*

Primary trend: A bull trend to R2/R3

Prevailing trend: R1/S0* consolidation

Technical rating Medium to high


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