(N2) Holding On To The Bulk Of Its Recent Gains

• RES 4: $123.44 - High Mar 8
• RES 3: $121.13 - 76.4% retracement of the Mar 7 - 15 downleg
• RES 2: $115.76 - High Mar 24 and a bull trigger
• RES 1: $115.69 - High May 17
• PRICE: $112.89 @ 06:58 BST May 18
• SUP 1: $108.26/101.30 - 20-day EMA / Low May 11
• SUP 2: $99.25 - Low Apr 25 and a key near-term support
• SUP 3: $97.18 - Low Apr 11
• SUP 4: $92.59 - Low Mar 15 and a bear trigger

Brent futures are holding on to the bulk of its recent gains. The pair has this week managed to breach resistance at $114.00, the May 5 high. This signals potential for an extension higher short-term and has opened $115.76, the Mar 24 high and a bull trigger. A break would open the $120.00 handle. On the downside, key support has been defined at $101.30, the May 11 low. Initial support is seen at $108.26, the 20-day EMA.