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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.

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