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(M1) Bearish Focus

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: $66.52/68.08 - High Apr 21 / High Apr 20
  • PRICE: $65.51 @ 06:52 BST Apr 26
  • SUP 1: $64.58/63.42 - Low Apr 22 / 50-day EMA
  • SUP 2: $62.41 - Low Apr 12
  • SUP 3: $61.25 - Low Apr 5
  • SUP 4: $60.33 - Low Mar 23 and a key support

Brent crude futures last week found resistance at $68.08, Apr 20 high. A recent bullish focus is on hold following the pullback from this high. Price Thursday probed the 20-day EMA, a clear break of the average signal scope for a deeper pullback towards the 50-day EMA at $63.42. For bulls, clearance of $68.08 is required to reinstate a bullish focus and instead signal scope for a climb towards $69.50, Mar 15 high.

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