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(M1) Remains Below Recent Highs

  • RES 4: $70.67 - High Mar 8 and the key bull trigger
  • RES 3: $69.50 - High Mar 15
  • RES 2: $67.76- High Mar 18
  • RES 1: $65.39 - High Mar 29
  • PRICE: $62.67 @ 06:49 Apr 6
  • SUP 1: $61.25 - Low Apr 5
  • SUP 2: $60.33 - Low Mar 23 and the bear trigger
  • SUP 3: $58.27 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $56.80 - High Jan 13

Brent crude futures traded lower yesterday. Last week's break higher through $64.97, Mar 22 high failed to deliver any bullish follow through despite signalling scope for a short-term recovery. Price would need to trade above $65.39, Mar 30 high to again suggest scope for an extension higher. This would open $67.76, the Mar 18 high. On the downside, key support and the bear trigger is unchanged at $60.33, low Mar 23.

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