(K1) Corrective Cycle

• RES 4: $71.95 - High Sep 16, 2019
• RES 3: $71.75 - High Jan 8, 2020 (cont)
• RES 2: $71.38 - High Mar 5
• RES 1: $69.33 - High Mar 9
• PRICE: $68.43 @ 06:38 Mar 11
• SUP 1: $64.55 - 20-day EMA
• SUP 2: $62.38 - Low Mar 2 and 3
• SUP 3: $61.76 - Trendline support drawn off the Nov 2, 2020 low
• SUP 4: $60.06 - 50-day EMA

Brent crude futures remain in an uptrend however this week's pullback suggests the contract has entered a corrective cycle. The trend condition has been overbought for some time and an extension lower would allow this overbought set-up to unwind. Price has traded below $66.82, Feb 28 high and attention is on the 20-day EMA at $64.55. A breach of the average would open $62.38, Mar 2 and 3 low. Key resistance is at $71.38, the Mar 5 high.