(N3) Corrective Cycle Extends

• RES 4: $85.08 - High Apr 18
• RES 3: $85.08 - High Apr 18
• RES 2: $82.88 - High Apr 25
• RES 1: $78.56 - 50-day EMA
• PRICE: $77.63 @ 07:04 BST May 24
• 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 despite yesterday’s gains and the recovery from $71.28, the May 4 low, appears to be a correction. Resistance at the 50-day EMA which intersects at $78.56, is intact. 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.