(N3) Impulsive Sell-Off Extends

• RES 4: $84.83 - High Apr 19
• RES 3: $82.88 - High Apr 25
• RES 2: $80.53 - High Apr 28 and a key short-term resistance
• RES 1: $77.36 - Low Apr 27 and a recent breakout level
• PRICE: $75.32 @ 05:55 BST May 3
• SUP 1: $75.07 - Low May 2
• SUP 2: $74.06 - 76.4% retracement of the Mar 20 - Apr 12 bull run
• SUP 3: $72.34 - Low Mar 24
• SUP 4: $70.10 - Low Mar 20 and a key support

A sharp sell-off in Brent futures Tuesday confirms a resumption of the current bearish cycle. The contract has breached $76.52, the 61.8% retracement of the Mar 20 - Apr 12 bull run. This opens $74.06, the 76.4% retracement point and $72.34 further out, the Apr 24 low. On the upside, key short-term resistance has been defined at $80.53, the Apr 28 high where a break would ease bearish pressure and highlight a potential reversal.