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Brent showing signs of basing out?

Brent managed to recover another interim slide yesterday evening. Prior to that it had done the same thing earlier in the day around the time of the 4pm London FX fix. The later fall back saw it slip to a low close to $73.25. The rebound that followed then saw it rise quite sharply into the NYMEX settlement, rising by $0.23 to fix at $74.45. So far today the price action has been characterised by a modest upside bias. Brent has risen to around $74.95 so far. Looking at the charts over the past few days it does appear to be trying to build a base ahead of the $73 handle and certainly that price point has remained intact all week. Brent for December delivery is currently trading at $74.75 
 

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