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5 Feb 2015
SEB: Brent crude sellers pressuring the $54 support – eFXnews
FXStreet (Barcelona) - The eFXnews Team shares SEB’s intraday outlook for Brent crude, with SEB noting that sellers have regained control over crude and are pressuring the support around $54/bbl levels.
Key Quotes
“The lower end of the (Fibo-adjusted) "Cloud" was resistance enough to curb the vicious correction higher (up some 17% in just three sessions). The notably bearish candle as result shows that sellers have regained control and this puts pressure on dynamic support around the $54-level – below which the $50-level is back in play as well.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“The lower end of the (Fibo-adjusted) "Cloud" was resistance enough to curb the vicious correction higher (up some 17% in just three sessions). The notably bearish candle as result shows that sellers have regained control and this puts pressure on dynamic support around the $54-level – below which the $50-level is back in play as well.”
This content has been provided under specific arrangement with eFXnews.