(M2) Short-Term Outlook Remains Bullish

• 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: $108.10 @ 06:59 BST Apr 20
• SUP 1: $106.69 - 20-day EMA
• SUP 2: $102.15/97.57 - 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 yesterday’s retracement. A break of 114.84, Apr 18 high, would resume the recent recovery and open resistance at $119.74, the Mar 24 high. The contract has recently recovered from just below the 50-day EMA - a bullish development - which intersects at $102.15 today. For bears, a clear break of this EMA would suggest scope for a deeper decline and open $94.61, the Mar 16 low.