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(N2) Trading Inside A Triangle

BRENT TECHS
  • RES 4: $121.13 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 3: $115.76 - High Mar 24 and a bull trigger
  • RES 2: $113.61 - High Apr 18 and a key near-term resistance
  • RES 1: $110.00/112.27 - High Apr 29 / Triangle resistance
  • PRICE: $105.88 @ 07:06 BST May 2
  • SUP 1: $99.25 - Low Apr 25
  • SUP 2: $97.18 - Low Apr 11
  • SUP 3: $92.59 - Low Mar 15 and a key support
  • SUP 4: $89.01 - Low Feb 25

Brent futures are trading closer to recent highs and remain above the recent low of $99.25 (Apr 25). A bearish threat remains present despite recent gains. The contract appears to be trading inside a triangle, drawn from the Mar 15 low. This is a bearish pattern. A break below $99.25 would highlight a triangle breakout and expose $97.18, Apr 11 low, and $92.59, the Mar 15 low. Triangle resistance intersects at $112.27 today.

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