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(N2) Maintains A Bullish Tone

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
  • PRICE: $112.05 @ 07:02 BST May 9
  • SUP 1: $107.13 - 20-day EMA
  • SUP 2: $103.10/99.25 - Low May 2 / Low Apr 25
  • SUP 3: $97.18 - Low Apr 11
  • SUP 4: $92.59 - Low Mar 15 and a key support

Brent futures maintain a bullish tone. The contract last week, traded above triangle resistance at 111.86. The pattern is drawn from the Mar 15 low. The break higher signals scope for a stronger recovery and resistance at 113.61, Apr 18 high has been probed. A clear break would open $115.76, the Mar 24 high. On the downside, initial firm support is seen at $103.10, a break would be seen as a bearish development.

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