(N3) Challenging The 50-Day EMA

• RES 4: $85.08 - High Apr 18
• RES 3: $85.08 - High Apr 18
• RES 2: $82.88 - High Apr 25
• RES 1: $78.66/80.53 - High May 24 / High Apr 28
• PRICE: $78.15 @ 06:59 BST May 25
• 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)

Brent futures continues to trade at its recent highs and yesterday’s climb resulted in a test of resistance at the 50-day EMA. The average intersects at $78.55 and a clear break of it would strengthen a short-term bullish theme. This would open $80.53, the Apr 28 high. On the downside, a breach of $73.49, the May 15 low, would instead be a bearish development and set the scene for an extension towards $71.28.