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(M2) Consolidating

BRENT TECHS
  • RES 4: $128.04 - High Mar 8
  • RES 3: $125.40 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 2: $119.74 - High Mar 24 and a bull trigger
  • RES 1: $114.84 - High Apr 18
  • PRICE: $107.03 @ 07:00 BST Apr 22
  • SUP 1: $104.65 - Low Apr 20
  • SUP 2: $102.56/97.57 - 50-day EMA / Low Apr 11
  • SUP 3: $94.61 - Low Mar 16 and a key support
  • SUP 4: $90.58 - Low Feb 25

Brent futures are consolidating. The short-term outlook remains positive despite this week’s retracement. A break of resistance at 114.84, Apr 18 high, would resume bullish activity and open $119.74, Mar 24 high. The contract has recently recovered from just below the 50-day EMA - a bullish development. The EMA intersects at $102.56 today. For bears, a clear break of this EMA would suggest scope for a deeper decline and open $94.61.

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