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(N2) Clears Resistance

BRENT TECHS
  • RES 4: $123.44 - High Mar 8
  • RES 3: $121.13 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 2: $120.00 - Psychological round number
  • RES 1: $118.17 - Intraday high
  • PRICE: $117.18 @ 07:07 BST May 27
  • SUP 1: $110.94 - 20-day EMA
  • SUP 2: $105.70/101.30 - Low May 13 / Low May 11
  • SUP 3: $99.25 - Low Apr 25 and a key near-term support
  • SUP 4: $97.18 - Low Apr 11

Brent futures traded higher Thursday and the contract has cleared $115.76, Mar 24 high and a short-term bull trigger. The break higher signals scope for a move towards the $120.00 handle and $121.13, a Fibonacci retracement. A break of $121.13 would strengthen bullish conditions and set sights on the major resistance and trend high of $129.94, the Mar 7 high. On the downside, key short-term support has been defined at $105.70, May 13 low.

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