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(M1) Approaching Resistance

BRENT TECHS
  • RES 4: $71.75 - High Jan 8 2020
  • RES 3: $70.67 - High Mar 8 and the key bull trigger
  • RES 2: $69.50 - High Mar 15
  • RES 1: $67.85/68.08 - High Apr 28 / High Apr 20
  • PRICE: $67 58 06:51 BST Apr 29
  • SUP 1: $65.47 - 20-day EMA
  • SUP 2: $64.58/63.91 - Low Apr 22 / 50-day EMA
  • SUP 3: $62.41 - Low Apr 12
  • SUP 4: $61.25 - Low Apr 5

Brent crude futures maintain this week's firmer tone. The contract found resistance last week at $68.08, Apr 20 high and price remains below this key S/T resistance. A recent bullish focus is on hold following the pullback from $68.08 and price has recently probed the 20-day EMA. A clear break of the average would signal scope for a deeper pullback. For bulls, clearance of $68.08 would reinstate a bullish focus and open $69.50, Mar 15 high.

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