(K1) Resistance Remains Intact

• 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: $70.03 - Intraday high
• PRICE: $69.67@ 06:54 Mar 15
• SUP 1: $66.50 - Low Mar 10
• SUP 2: $65.43 - 20-day EMA
• SUP 3: $62.38 - Low Mar 2 and 3
• SUP 4: $62.29 - Trendline support drawn off the Nov 2, 2020 low

Brent crude futures remain in an uptrend however last week's pullback between Mar 8 - 10 suggests the contract has entered a corrective cycle. The trend condition has been overbought for some time and an extension lower would allow the overbought set-up to unwind. Attention is on the 20-day EMA at $65.43. A breach of the average would open $62.38, Mar 2 and 3 low. Key resistance and the bull trigger is at $71.38, the Mar 5 high.