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(N3) Bearish Theme Remains Intact

BRENT TECHS
  • RES 4: $89.62 - High Nov 15 2022
  • RES 3: $87.86 - High Jan 23 and a key resistance
  • RES 2: $86.90 - High Apr 12 and the bull trigger
  • RES 1: $82.88/84.83 - High Apr 25 / 19
  • PRICE: $79.07 @ 07:00 BST May 2
  • SUP 1: $76.52 - 61.8% retracement of the Mar 20 - Apr 12 bull run
  • SUP 2: $75.00 - Round number support
  • SUP 3: $74.31 - Low Mar 27
  • SUP 4: $72.34 - Low Mar 24

Brent futures remain vulnerable and last Wednesday's sharp sell-off reinforced the current bearish theme. The break lower signals scope for an extension towards $76.52, a Fibonacci retracement point and the $75.00 handle. Key short-term resistance has been defined at $82.88, the Apr 25 high where a break is required to ease bearish pressure and this would also highlight a potential reversal.

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