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(K2) Bullish Theme

BRENT TECHS
  • RES 4: $139.13 - High Mar 7 and key resistance
  • RES 3: $129.17 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 2: $123.01 - 61.8% retracement of the Mar 7 - 16 downleg
  • RES 1: $119.48 - High Mar 22
  • PRICE: $115.74 @ 06:59 GMT Mar 23
  • SUP 1: $106.85 - 20-day EMA
  • SUP 2: $98.41/96.93 - 50-day EMA / Low Mar 16
  • SUP 3: $92.75 - Low Feb 25
  • SUP 4: $88.25 - Low Feb 18

Brent futures maintain a firmer short-term tone. The contract last week managed to remain above key support at the 50-day EMA that intersects at $98.41 today. Price has cleared resistance at 113.91, the Mar 11 high. The break of this level has strengthened bullish conditions and signals scope for a stronger short-term recovery towards 123.01 a Fibonacci retracement. On the downside, clearance of the 50-day EMA would reinstate a bearish threat.

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