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(M2) Eyeing The 50-Day EMA

BRENT TECHS
  • RES 4: $134.91 - High Mar 7 and key resistance
  • RES 3: $128.04 - High Mar 8
  • RES 2: $125.40 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 1: $1112.28/119.74 - High Mar 30 / High Mar 24 and a bull trigger
  • PRICE: $105.17 @ 06:59 GMT Apr 4
  • SUP 1: $102.19/100.035 - Low Mar 29 / 50-day EMA
  • SUP 2: $94.61 - Low Mar 16
  • SUP 3: $90.58 - Low Feb 25
  • SUP 4: $84.74 - Low Feb 18

Brent futures remain above $102.19, the Mar 29 low, however the contract remains vulnerable. The recent move lower from $119.74, Mar 24 high, highlights a short-term bearish threat. The contract has breached the 20-day EMA and this suggests scope for a deeper short-term retracement that has opened the 50-day EMA, at $100.03. The 50-day average marks a key pivot support. $119.74 remains the key short-term resistance.

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