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(K3) Testing Resistance At The 20-Day EMA

BRENT TECHS
  • RES 4: $84.00 - High Mar 9
  • RES 3: $82.83 - 76.4% retracement of the Mar 7 - 20 downleg
  • RES 2: $80.89 - 50-day EMA
  • RES 1: $78.39/42 - 20-day EMA / High Mar 27
  • PRICE: $77.77 @ 05:49 GMT Mar 28
  • SUP 1: $72.68/70.12 - Low Mar 24 / Low Mar 20 and the bear trigger
  • SUP 2: $69.28 - Low Dec 20 2021 (cont)
  • SUP 3: $65.72 - Low Dec 2 2021 (cont)
  • SUP 4: $64.62 - 1.382 projection of the Nov - Dec - Jan price swing

Brent futures traded higher Monday, extending the recovery from $70.12, the Mar 20 low. Price has arrived at the 20-da EMA which intersects at $78.39. This average represents a key short-term resistance, where a break is required to strengthen current bullish conditions and signal scope for a continuation higher. A clear breach would open $80.89, the 50-day EMA. Initial firm support lies at $72.68, the Mar 24 low. A break would be bearish.

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