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(N2) Clears Resistance And Exposes The Contract High

BRENT TECHS
  • RES 4: $129.97 - High Mar 7 and the bull trigger
  • RES 3: $128.64 - 1.618 proj of the May 11 - 17 - 19 price swing
  • RES 2: $126.97 - 1.50 proj of the May 11 - 17 - 19 price swing
  • RES 1: $125.30 - 1.382 proj of the May 11 - 17 - 19 price swing
  • PRICE: $123.92 @ 07:12 BST May 31
  • SUP 1: $118.98 - Low May 30
  • SUP 2: $112.69 - 20-day EMA
  • SUP 3: $107.82 - 50-day EMA
  • SUP 4: $105.70 - Low May 19 and a key support

Brent futures continue to climb. The contract has breached all key short term resistance levels. This strengthens the current bullish theme and signals scope for a climb towards the contract high of 129.94, the Mar 7 high. A break of this resistance would confirm a resumption of the primary uptrend. On the downside, the 20-day EMA, at $112.69, is seen as initial support. A break would instead threaten the current bull theme.

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