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(M2) Starts The Week On A Bearish Note

BRENT TECHS
  • RES 4: $125.40 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 3: $119.74 - High Mar 24 and a bull trigger
  • RES 2: $114.84 - High Apr 18 and a key near-term resistance
  • RES 1: $109.80 - High Apr 21
  • PRICE: $103.46 @ 07:01 BST Apr 25
  • SUP 1: $102.72 - 50-day EMA
  • SUP 2: $97.57 - Low Apr 11
  • SUP 3: $94.61 - Low Mar 16 and a key support
  • SUP 4: $90.58 - Low Feb 25

Brent futures are trading lower today as the contract starts the week on a bearish note. A failure to challenge resistance at $114.84, Apr 18 high, threatens the recent bullish theme and exposes support at the 50-day EMA, which intersects at $102.72 today. A break of this average would strengthen bearish conditions and suggest scope for a deeper decline towards $94.61, the Mar 16 low. Initial firm resistance is seen at $109.80.

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