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(K2) Bearish Threat Remains Present

BRENT TECHS
  • RES 4: $139.13 - High Mar 7 and key resistance
  • RES 3: $133.15 - High Mar 8
  • RES 2: $129.17 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 1: $114.83/123.74 - High Mar 29 / High Mar 24 and a bull trigger
  • PRICE: $108.25 @ 06:41 GMT Mar 31
  • SUP 1: $104.84/102.16 - Low Mar 28 / 50-day EMA
  • SUP 2: $96.93 - Low Mar 16
  • SUP 3: $92.75 - Low Feb 25
  • SUP 4: $88.25 - Low Feb 18

Brent futures traded lower Tuesday but recovered from the session low. The move lower marks an extension of the pullback from last week’s $123.74 high (Mar 24). The contract has breached the 20-day EMA and this suggests scope for a deeper short-term retracement that has opened the 50-day EMA, at $102.16. The 50-day average marks a key pivot support. $123.74 remains the key short-term resistance.

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