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(M2) Tilting Higher

BRENT TECHS
  • 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: $113.80 - High Apr 18
  • PRICE: $112.11 @ 13:57 BST Apr 18
  • SUP 1: $101.06/97.57 - 50-day EMA / 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

The outlook for Brent futures is improving, with prices inching closer toward the bull trigger at $119.74. The contract has bounced well after challenging the key support at the 50-day EMA, which intersects at $101.06. A clear break of this average would suggest scope for a deeper decline and open $94.61, the Mar 16 low. Initial firm resistance to watch is $119.74, the Mar 24 high. A break would ease bearish pressure.

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