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(N2) Remains Vulnerable

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: $108.29/114.00 - High May 11 / High May 5
  • PRICE: $106.50 @ 07:05 BST May 12
  • 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. The contract has failed to hold on to its recent highs. Last week’s bullish break of triangle resistance, drawn from the Mar 15 low, appears to have been a false break. This threatens the recent recovery and exposes support at $99.25, Apr 25 low. A break would strengthen a bearish case and confirm a bearish triangle breakout instead. Key resistance is at $114.00, May 5 high.

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