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(K2) Weaker With The 20-Day EMA Cleared

  • 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 - Intraday high / High Mar 24
  • PRICE: $106.15 @ 13:38 GMT Mar 29
  • SUP 1: $101.35 - 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 are lower again today, extending the pullback from last week’s high of $123.74 on Mar 24. The contract has cleared support at the 20-day EMA, at 110.57. The clear break of this EMA, suggests scope for a deeper short-term retracement and has opened 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 is needed to confirm a resumption of bullish activity.

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