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Brent crude takes out minor technical supports- where next?

Since my last update here on Oil prices, there has been no further traction above $84 in the price of Brent crude. In fact it has been the exact opposite. Prices failed to rally on Friday and that failure later saw the price of Brent crude for May delivery settle $0.88 lower on the NYMEX exchange on Friday, at $82.88. It has fallen back further today and now busted below $82 per barrel. It has now actually taken out some interim support levels on the chart, at $81.72 and then at $81.51. The low seen so far today has been set at $81.35. It has bounced off that low now, but that rebound is still inconclusive at this stage. Looking at that chart I see all the major moving averages clustered close to the $80 per barrel handle now (50 day at 80.13, 100 day at 80.15 and 200 day at 80.29). Those levels look like the next potential target on this run, but that is not to say we will see a test of them. Brent for May delivery is currently trading at $81.45

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