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(M2) Key Support Remains Exposed

BRENT TECHS
  • RES 4: $128.04 - High Mar 8
  • RES 3: $125.40 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 2: $112.28/119.74 - High Mar 30 / High Mar 24 and a bull trigger
  • RES 1: $109.90 - High Apr 5
  • PRICE: $104.75 @ 07:05 BST Apr 13
  • SUP 1: $97.57 - Low Apr 11
  • SUP 2: $94.61 - Low Mar 16 and a key support
  • SUP 3: $90.58 - Low Feb 25
  • SUP 4: $84.74 - Low Feb 18

Brent futures remain vulnerable despite yesterday’s gains. The contract has recently breached $102.19, Mar 29 low and continues to challenge a key support at the 50-day EMA, which intersects at $100.75 today. A clear break of this average would suggest scope for a deeper decline and pave the way for a move towards $94.61, the Mar 16 low. Initial firm resistance to watch is $109.90, the Apr 5 high. A break would ease bearish pressure.

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