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BRENT TECHS: (N20): Consolidating But Remains Bullish
*RES 4: $35.60 - High Apr 14
*RES 3: $34.14/27 - 50-day EMA / High Apr 15
*RES 2: $33.75 - 76.4% retracement of the Apr 9 - 22 sell-off
*RES 1: $32.27 - High May 6 and bull trigger
*PRICE: $30.59 @ 06:44 BST May 11
*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 last week on May 6 stalled at $32.27. Despite the recent pullback,
a bullish theme remains in place for now. Futures have recently cleared the
20-day EMA reinforcing a bullish cycle. This follows the recent break of $26.98,
Apr 23 high that confirmed a short-term reversal. Attention is on $33.75, 76.4%
of the Apr 9 - 22 decline and $34.14, the 50-day EMA. The average is a key
resistance area. Initial firm support is at $27.77.