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(M1) Holding Onto Recent Gains

BRENT TECHS
  • RES 4: $70.67 - High Mar 8 and the key bull trigger
  • RES 3: $69.50 - High Mar 15
  • RES 2: $67.80 - Former trendline support drawn off the Nov 2 low
  • RES 1: $67.76 - High Mar 18
  • PRICE: $66.64 @ 06:51 BST Apr 19
  • SUP 1: $63.88 - Low Apr 14
  • SUP 2: $61.25 - Low Apr 5
  • SUP 3: $60.33 - Low Mar 23 and the bear trigger
  • SUP 4: $58.27 - 38.2% retracement of the Nov 2 - Mar 8 rally

Brent crude futures are holding onto last week's gains and maintain a bullish tone following the recent break of $63.59, Mar 29 high. With short-term momentum studies pointing north, further gains are likely. Initial resistance is at $67.76/80, Mar 18 high and a former trendline support drawn off the Nov 2, 2020 low. A break of this zone would open $69.50, Mar 15 high. Initial support is at $63.88, Apr 14 low.

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