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BRENT TECHS: (N20): Remains Bullish
*RES 4: $35.60 - High Apr 14
*RES 3: $33.96/34.27 - 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: $29.78 @ 06:37 BST May 12
*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 are unchanged and consolidating. Last week on May 6, gains stalled
at $32.27. Despite the recent pullback, a bullish theme holds. The recent rally
has resulted in a breach of the 20-day EMA reinforcing the bullish cycle. This
also follows the recent break of $26.98, Apr 23 high that confirmed a S/T
reversal. Attention is on $33.75, 76.4% of the Apr 9 - 22 decline and $33.96,
the 50-day EMA. The average is a key resistance area. Firm support is at $27.77.