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(M3) Trades Through Short-Term Support

BRENT TECHS
  • RES 4: $90.46 - High Nov 15 2022
  • RES 3: $90.00 - Round number resistance
  • RES 2: $88.35 - High Jan 23 and a key resistance
  • RES 1: $87.49 - High Apr 12 and the bull trigger
  • PRICE: $82.28 @ 06:56 BST Apr 20
  • SUP 1: $82.08 - 50-day EMA
  • SUP 2: $79.95 - High Mar 31 and gap low on the daily chart
  • SUP 3: $77.18 - Low Mar 30
  • SUP 4: $74.39 - Low Mar 27

Brent futures are trading below recent highs and the contract has weakened this week. This has resulted in a break of support at $83.50, the Apr 3 low, and price has also breached the 20-day EMA, at $83.02. The break lower signals scope for a test of the 50-day EMA that intersects at $82.08 and this level marks a key short-term support. Key resistance has been defined at $87.49, the Apr 12 high. A break would resume the recent bull run.

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