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(K2) Pullback Considered Corrective

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: $116.49 @ 06:59 GMT Mar 28
  • SUP 1: $110.37 - 20-day EMA
  • SUP 2: $100.90/96.93 - 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 tone despite the recent pullback from 123.74, Mar 24 high. The contract recently found support ahead of the 50-day EMA that intersects at $100.90 today. Price then cleared resistance at 113.91, Mar 11 high. The break has strengthened bullish conditions and signals scope for a stronger short-term climb towards 129.17 next, a Fibonacci retracement. Initial form support is seen at 110.37, the 20-day EMA.

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