(M2) Bearish Threat Still Present

• 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: $105.45 @ 06:57 BST Apr 27
• SUP 1: $99.48 - Low Apr 25
• 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 remain vulnerable despite the recovery from Monday’s low of $99.48. A recent failure to challenge resistance at $114.84, Apr 18 high and the move through the 50-day EMA Monday, which intersects at $102.80 today, signals potential for an extension lower. A clear break of the 50-day EMA would open $94.61, the Mar 16 low. Initial firm resistance is seen at $109.80.