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(N1) Probes $70.00

BRENT TECHS
  • RES 4: $71.95 - High Sep 16, 2019 (cont)
  • RES 3: $71.75 - High Jan 8 2020 (cont)
  • RES 2: $71.41 - Bull channel top drawn off the Apr 5 low
  • RES 1: $70.24 - Intraday high
  • PRICE: $70.03 @ 09:39 BST May 18
  • SUP 1: $68.18 - Low May 17
  • SUP 2: $66.48 - Low May 13 and key near-term support
  • SUP 3: $66.10 - Low May 3
  • SUP 4: $65.32 - 50-day EMA

Brent crude remains bullish. Price on May 5, probed key resistance at $69.73, Mar 8 high and today the contract has signalled a clearer breach with $70.00 probed too. 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.

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