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BRENT TECHS: Closed Below 100-dma *RES 4: $74.75 -...>

BRENT TECHS: Closed Below 100-dma
*RES 4: $74.75 - High Apr 25
*RES 3: $73.40 - High May 20
*RES 2: $70.58/59 50-dma/May 28 high
*RES 1: $68.98 - 200-dma
*PRICE: $66.02 @ 05:40 GMT May 31
*SUP 1: $65.86 - Intraday low
*SUP 2 :$65.79 - 38.2% retracement Dec-Apr rise
*SUP 3: $65.59 - Low March 28
*SUP 4: $64.02 - Low March 8
Brent futures extended the downtrend to close below the 100-dma for the first
time since Feb 25. The short-term outlook remains neutral with downside focus on
the 38.2% fibo of the Dec-Apr rise at $65.79. Below here opens the Mar 28 low at
$65.59, ahead of a run at the Mar 8 low at $64.02. Bulls need to recover the
200-dma at $68.98 to reignite upside momentum towards the 50-dma & May 28 high
at $70.58/59. Above here would put the focus back on the ytd high at $74.75.

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