(M3) Resistance At The 50-Day EMA Remains Exposed

• RES 4: $83.47 - High Mar 9
• RES 3: $82.37 - 76.4% retracement of the Mar 7 - 20 downleg
• RES 2: $80.19 - 50-day EMA
• RES 1: $79.68 - High Mar 29
• PRICE: $78.37 @ 07:06 BST Mar 31
• SUP 1: $75.21 - Trendline drawn from the Mar 20 low
• SUP 2: $72.35/70.06 - Low Mar 24 / Low Mar 20 and the bear trigger
• SUP 3: $69.28 - Low Dec 20 2021 (cont)
• SUP 4: $65.72 - Low Dec 2 2021 (cont)

Brent futures are trading at this week’s highs and maintain a bullish tone. Price has breached the 20-day EMA which intersects at $78.02. This average represented a key short-term resistance and the break strengthens current bullish conditions, signalling scope for a continuation higher. The next key resistance is $80.19, the 50-day EMA. Initial firm support lies at $72.35, the Mar 24 low. A break would be bearish.