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(N2) Remains Below 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: $115.76 - High Mar 24 and a bull trigger
  • RES 1: $114.00 - High May 5 and key near-term resistance
  • PRICE: $109.54 @ 05:37 BST May 13
  • SUP 1: $101.30 - 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 Tuesday’s $101.30 low. The contract has recently failed to hold on to its high of $114.00, on May 5. The reversal lower means price remains inside its triangle formation, drawn from the Mar 15 low. The attempt at breaking above triangle resistance last week failed, suggesting scope for weakness S/T. Key levels to watch are $101.30 support and resistance at $114.00.

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