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(M2) Bearish Threat Remains Present

BRENT TECHS
  • RES 4: $125.40 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 3: $119.74 - High Mar 24 and a bull trigger
  • RES 2: $114.84 - High Apr 18 and a key near-term resistance
  • RES 1: $109.80 - High Apr 21
  • PRICE: $103.56 @ 07:02 BST Apr 28
  • SUP 1: $99.48 - Low Apr 25
  • SUP 2: $97.57 - Low Apr 11
  • SUP 3: $94.61 - Low Mar 16 and a key support
  • SUP 4: $90.58 - Low Feb 25

Brent futures remain vulnerable despite the recovery from Monday’s low of $99.48. The recent failure to challenge resistance at $114.84, Apr 18 high and a print below the 50-day EMA this week, which intersects at $102.90 today, signals potential for an extension lower. A clear break of the 50-day EMA would open $94.61, the Mar 16 low. Initial firm resistance is seen at $109.80.

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