(M3) Remains Vulnerable Despite A Bounce

• RES 4: $90.46 - High Nov 15 2022
• RES 3: $88.35 - High Jan 23 and a key resistance
• RES 2: $87.49 - High Apr 12 and the bull trigger
• RES 1: $82.92/85.15 - High Apr 20 / 19
• PRICE: $82.2 @ 06:54 BST Apr 25
• SUP 1: $79.95 - High Mar 31 and gap low on the daily chart
• SUP 2: $78.77 - 50.0% retracement of the Mar 20 - Apr 12 bull run
• SUP 3: $77.18 - Low Mar 30
• SUP 4: $74.39 - Low Mar 27

Brent futures remain vulnerable following last week’s sell-off and despite the latest (shallow) bounce. Recent weakness resulted in a break of support at $83.50, the Apr 3 low, and price has also breached both the 20- and 50-day EMAs. This signals scope for a move to $79.95, the Mar 31 high and a gap low on the daily chart. Key resistance has been defined at $87.49, the Apr 12 high. A break would resume the recent bull run.