(K1) Attention Remains On The 20-day EMA

• RES 4: $71.75 - High Jan 8, 2020 (cont)
• RES 3: $70.00 - Psychological round number
• RES 2: $66.82 - High Feb 25 and the bull trigger
• RES 1: $65.93 - High Mar 1
• PRICE: $64.45 @ 06:47 Mar 4
• SUP 1: $62.34 - 20-day EMA
• SUP 2: $61.39 - Low Feb 19
• SUP 3: $60.45 - Low Feb 12 and trendline drawn off Nov 2, 2020 low
• SUP 4: $58.31 - 50-day EMA

Brent crude futures remain in an uptrend although from a short-term perspective, and with price trading below recent highs, a corrective wave is currently still in play. This importantly, is allowing an overbought condition to unwind and attention is on the 20-day EMA at $62.34. A break of the average would allow for a deeper pullback towards trendline support at $60.45, drawn off the Nov 2 low. Key resistance and the bull trigger remains $66.82.