(M2) Remains Above The 50-Day EMA

• RES 4: $128.04 - High Mar 8
• RES 3: $125.40 - 76.4% retracement of the Mar 7 - 16 downleg
• RES 2: $119.74 - High Mar 24 and a bull trigger
• RES 1: $114.84 - High Apr 18
• PRICE: $108.47 @ 07:05 BST Apr 21
• SUP 1: $104.65 - Low Apr 20
• SUP 2: $102.33/97.57 - 50-day EMA / Low Apr 11
• SUP 3: $94.61 - Low Mar 16 and a key support
• SUP 4: $90.58 - Low Feb 25

The short-term outlook for Brent futures remains positive despite this week’s retracement. A break of resistance at 114.84, Apr 18 high, would resume the recent recovery and open $119.74, the Mar 24 high. The contract has recently recovered from just below the 50-day EMA - a bullish development. The EMA intersects at $102.33 today. For bears, a clear break of this EMA would suggest scope for a deeper decline and open $94.61, the Mar 16 low.