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Technical Analysis: Brent sellers eye 100-day EMA, monthly support line confluence around $38.80/75

With the risk-off sentiment in full steam disappointing the energy buyers, Brent crude prices print three-day losing streak during the early Thursday. The black gold's U-turn from 61.8% Fibonacci retracement of February-April fall drags it towards $38.80/75 support join comprising 100-day EMA and an ascending trend line from May 28. Though, any further weakness below $38.75 will aim for the monthly low around $36.30.

On the contrary, June 08 top near $42.60 could probe the buyers during the recoveries. Though, bulls are less likely to be convinced unless refreshing the monthly top beyond $43.66. Should there be a clear rise past-$43.66, March 06 low near $45.50/45 will be in focus.

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