April 26, 2024 06:17 GMT
(M4) Support At The 50-Day EMA Remains Intact
BRENT TECHS
- RES 4: $96.16 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 3: $94.94 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 2: $92.96 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 1: $92.18 - High Apr 12 and the bull trigger
- PRICE: $89.52 @ 07:05 BST Apr 26
- SUP 1: $85.88 - 50-day EMA
- SUP 2: $80.56 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
- SUP 3: $76.18 - Low Feb 5
- SUP 4: $72.38 Low Dec 13 and a key support
Brent futures have traded higher today and remain above recent lows and key support at $85.88, the 50-day EMA. The recent move down highlights the start of a corrective cycle. A clear break of the 50-day EMA is required to suggest scope for a deeper retracement that would open $80.56, a Fibonacci retracement. Key resistance and the bull trigger has been defined at $92.18, the Apr 12 high. Clearance of this level would resume the uptrend.
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