BRENT TECHS: (N20): Approaching Key Resistance.......>

BRENT TECHS: (N20): Approaching Key Resistance

*RES 4: $34.27 - High Apr 15

*RES 3: $33.75 - / 76.4% retracement of the Apr 9 - 22 sell-off

*RES 2: $32.48/33.53 - High Apr 17 / 50-day EMA

*RES 1: $32.27 - High May 6 and bull trigger

*PRICE: $31.75 @ 06:18 BST May 15

*SUP 1: $28.66 - Low May 6

*SUP 2: $27.77 - Low May 5 and key intraday support

*SUP 3: $25.50 - Low May 4

*SUP 4: $24.41 - Low Apr 30

Brent futures were firmer yesterday recovering off recent lows leaving initial

support at $28.66, May 6 low intact. The key resistance to watch is at $32.27,

May 6 high. A break of this level would confirm a resumption of the recovery

that has been in place since Apr 22 low and open $3248, Apr 17 high and the

important $33.53, the 50-day EMA. A clear break of the average would further

reinforce bullish conditions. Key support lies at $27.77, May 5 low.