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(M1) Resistance Still Intact

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: $66.80/68.08 - High Apr 27 / High Apr 20
  • PRICE: $66.60 @ 06:33 BST Apr 28
  • SUP 1: $64.58/63.62 - 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 found resistance last week at $68.08, Apr 20 high and price remains below this key short-term 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 would signal scope for a deeper pullback towards the 50-day EMA at $63.62. For bulls, clearance of $68.08 would reinstate a bullish focus and open $69.50, Mar 15 high.

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