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(N1) Focus Is On Resistance

BRENT TECHS
  • RES 4: $71.75 - High Jan 8 2020 (cont)
  • RES 3: $69.73 - High Mar 8 and the key bull trigger
  • RES 2: $68.73 - High Mar 15
  • RES 1: $68.44 - High Apr 29
  • PRICE: $67 58 06:53 BST Apr 30
  • SUP 1: $65.23 - 20-day EMA
  • SUP 2: $63.9344 - Low Apr 26 / 50-day EMA
  • SUP 3: $61.97 - Low Apr 5
  • SUP 4: $60.05 - Low Mar 23

Brent crude futures maintain this week's firmer tone. The contract yesterday traded above resistance at $67.41, Apr 20 high. This paves the way for a climb towards $68.73, Mar 15 high and the key hurdle for bulls at $69.73, Mar 8 high. A break of this latter resistance would confirm a resumption of the broader uptrend. On the downside, key short-term support has been defined at $63.93, Apr 26 low.

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