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(K4) Corrective Pullback

BRENT TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $89.26 - High Sep 15 ‘23 and a key resistance
  • RES 2: $88.31 - High Oct 20
  • RES 1: $87.70- High Mar 20
  • PRICE: $85.28 @ 07:06 GMT Mar 22
  • SUP 1: $83.97 - 20-day EMA
  • SUP 2: $82.18 - 50-day EMA
  • SUP 3: $80.19 - Low Feb 26
  • SUP 4: $76.41 - Low Feb 5 and key S/T support

A bull cycle in Brent futures remains in play and the latest pullback is considered corrective. Price has recently cleared resistance at $84.34, the Mar 1 high, to confirm a resumption of the uptrend. Moving average studies are in a bull-mode position and this highlights a clear uptrend. Sights are on $88.31, the Oct 20 ‘23 high. On the downside, initial support to watch lies at $83.97, the 20-day EMA.

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