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(M2) Testing The 50-Day EMA

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: $100.98 @ 06:58 BST Apr 11
  • SUP 1: $98.41 Low Apr 7
  • 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 and the contract is trading closer to its recent lows. Price has breached $102.19, Mar 29 low is challenging a key support at the 50-day EMA, that intersects at $100.68 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. $119.74 remains the key short-term resistance.

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