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(N3) Has Pulled Back From Its Recent Highs

BRENT TECHS
  • RES 4: $85.08 - High Apr 18
  • RES 3: $82.88 - High Apr 25
  • RES 2: $79.41 - 50-day EMA
  • RES 1: $77.61 - 20-day EMA
  • PRICE: $74.03 @ 06:57 BST May 15
  • SUP 1: $74.34/71.28 - Intraday low / Low May 4
  • SUP 2: $70.10 - Low May 8 / 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 have pulled back from recent highs. The recovery that started on May 4 is considered corrective and this has allowed an oversold trend condition to unwind. The impulsive bearish wave from Apr 12, signals scope for a test of key support at $70.10, the Mar 20 low. Clearance of this level would reinforce bearish conditions. On the upside, initial resistance is seen at $77.61, the 20-day EMA ahead of $79.41, the 50-day EMA.

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