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(N1) Corrective Pullback

BRENT TECHS
  • 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: $68.46 - High May 19
  • PRICE: $66.95 @ 06:47 BST May 20
  • SUP 1: $65.30 - Low May 19
  • SUP 2: $63.93 - Low Apr 26 and key near-term support
  • SUP 3: $62.00 - Low Apr 12
  • SUP 4: $60.93 - Low Apr 5

Brent crude faced selling pressure Wednesday and did trade through support at $66.48, May 13 low. The pullback is considered a correction with the underlying uptrend intact. The contract tested the 50-day EMA yesterday and this average has provided support. Yesterday's low of $65.30 marks a key short-term pivot level. A break would signal scope for a deeper pullback towards $63.93 Apr 26 low. Key resistance is $70.24, May 18 high.

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