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(N1) Remains Below Resistance

  • RES 4: $71.95 - High Sep 16, 2019 (cont)
  • RES 3: $71.75 - High Jan 8 2020 (cont)
  • RES 2: $70.00 - Psychological round number
  • RES 1: $69.95 - High May 5
  • PRICE: $68.47 @ 07:08 BST May 17
  • SUP 1: $66.48 - Low May 13 and key near-term support
  • SUP 2: $66.10 - Low May 3
  • SUP 3: $65.15 - 50-day EMA
  • SUP 4: $63.93 - Low Apr 26

Brent crude price structure remains bullish. Price on May 5, probed key resistance at $69.73, Mar 8 high. A clear break of this level 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 support has been defined at $66.48, May 13 low. A break would be bearish.

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