(N3) Bear Threat Still Present

• RES 4: $85.08 - High Apr 18
• RES 3: $82.88 - High Apr 25
• RES 2: $78.63 - 50-day EMA
• RES 1: $77.60 - High May 10
• PRICE: $76.17 @ 06:49 BST May 23
• SUP 1: $73.49/71.28 - Low May 15 / 4
• SUP 2: $70.10 - Low Mar 20 and a key support
• SUP 3: $69.28 - Low Dec 20 2021 (cont)
• SUP 4: $65.72 - Low Dec 2 2021 (cont)

A bearish threat in Brent futures remains present. The contract is consolidating below the recent high of $77.60 (May 10) and below resistance at the 50-day EMA which intersects at $78.63. A clear break of the average is required to strengthen a bullish threat and signal scope for a stronger recovery. On the downside, a breach of $73.49, the May 15 low, would set the scene for an extension towards $71.28, the May 4 low.