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(K2) Watching The 20-Day EMA

BRENT TECHS
  • RES 4: $144.62 - 4.00 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 3: $140.00 - Psychological round number
  • RES 2: $139.13 - High Mar 7
  • RES 1: $117.73 50.0% retracement of Wednesday’s range
  • PRICE: $113.58 @ 05:43 GMT Mar 10
  • SUP 1: $104.23 - 20-day EMA
  • SUP 2: $98.30 - Low Mar 1
  • SUP 3: $93.45 - 50-day EMA
  • SUP 4: $92.75 - Low Feb 25

Brent futures have traded in an extremely wide range this week, touching a high of $139.19 Monday and a low Wednesday of $105.60. From a trend perspective, the direction remains up. This week’s pullback is allowing an overbought condition to unwind. Key support is seen firstly at $104.23, the 20-day EMA and below that at $93.45, the 50-day EMA. A convincing break of the 50-day EMA is required to threaten the uptrend.

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