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(K2) Probes The 20-Day EMA

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: $123.74 - High Mar 24
  • PRICE: $111.98 @ 06:56 GMT Mar 29
  • SUP 1: $109.06 - Low Mar 28
  • SUP 2: $101.35/96.93 - 50-day EMA / Low Mar 16
  • SUP 3: $92.75 - Low Feb 25
  • SUP 4: $88.25 - Low Feb 18

Brent futures traded lower Monday, extending the pullback from last week’s high of $123.74 on Mar 24. The contract has probed support at the 20-day EMA, at 110.57. A clear break of this EMA would suggest scope for a deeper short-term retracement and open the 50-day EMA that intersects at $101.35. The 50-day average marks a key pivot support. On the upside, clearance of $123.74 would instead confirm a resumption of bullish activity.

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