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(N1) Bullish Focus

  • RES 4: $71.95 - High Sep 16, 2019 (cont)
  • RES 3: $71.75 - High Jan 8 2020 (cont)
  • RES 2: $70.24 - High May 18 and the bull trigger
  • RES 1: $69.17 - High May 26
  • PRICE: $68.58 @ 06:45 BST May 27
  • SUP 1: $66.46/64.57 - Low May 24 / Low May 21 and key support
  • SUP 2: $63.93 - Low Apr 26
  • SUP 3: $62.00 - Low Apr 12
  • SUP 4: $60.93 - Low Apr 5

Brent crude is consolidating and holding onto recent gains following the recovery from Friday's low of $64.57. The underlying uptrend remains intact and attention is on $70.24, May 18 high and the bull trigger. Price has recently traded below the 50-day EMA however levels around the average continue to provide support. Weakness through last week's $64.57 low is required to signal a short-term top and the start of a corrective pullback.

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