BRENT TECHS: (N20): Bullish Cycle *RES 4: $34.66 -...>

BRENT TECHS: (N20): Bullish Cycle

*RES 4: $34.66 - 50-day EMA

*RES 3: $34.27 - High Apr 15

*RES 2: $33.75 - 76.4% retracement of the Apr 9 - 22 sell-off

*RES 1: $32.27 - Intraday high

*PRICE: $30.94 @ 06:40 BST May 6

*SUP 1: $27.77 - Low May 5

*SUP 2: $25.50 - Low May 4 and key intraday support

*SUP 3: $24.41 - Low Apr 30

*SUP 4: $22.73 - Low Apr 29

Brent futures continued to rally yesterday. This week futures have cleared the

20-day EMA reinforcing the current bullish cycle. The move higher follows the

recent break of $26.98, Apr 23 high that confirmed a short-term bullish outlook.

With a number of resistance levels cleared, attention turns to $33.75, 76.4% of

the Apr 9 - 22 decline and $34.66, the 50-day EMA. The average is a key

resistance area. Initial support is at $27.77, the May 5 low.