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(N2) Key S/T Resistance Remains Intact

BRENT TECHS
  • 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: $114.00 - High May 5 and key near-term resistance
  • PRICE: $109.62 @ 07:03 BST May 16
  • SUP 1: $107.20/101.30 - 200-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

The Brent futures outlook remains bearish, despite the recovery from last Wednesday’s $101.30 low. The contract continues to trade below its recent high of $114.00, on May 5. This level represents a key short-term resistance where a break is required to signal scope for a stronger bounce. A reversal lower would refocus attention on support at $101.30 - the trigger for a deeper pullback.

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