(N1) Off Recent Highs

• RES 4: $71.95 - High Sep 16, 2019 (cont)
• RES 3: $71.75 - High Jan 8 2020 (cont)
• RES 2: $71.61 - Bull channel top drawn off the Apr 5 low
• RES 1: $70.24 - High May 18
• PRICE: $67.90 @ 06:41 BST May 19
• SUP 1: $67.28 - Low May 18
• SUP 2: $66.48 - Low May 13 and key near-term support
• SUP 3: $66.10 - Low May 3
• SUP 4: $65.46 - 50-day EMA

Brent crude if off recent highs but remains bullish. Price on May 5, probed key resistance at $69.73, Mar 8 high and yesterday the contract traded above $70.00. A move higher would confirm a resumption of the broader uptrend and extend the bullish price sequence of higher highs and higher lows. This would open $71.75, the Jan 8, 2020 high (cont). On the downside, initial firm trend support has been defined at $66.48, May 13 low.