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(N3) Remains Vulnerable

BRENT TECHS
  • RES 4: $82.88 - High Apr 25
  • RES 3: $80.53 - High Apr 28 and a key short-term resistance
  • RES 2: $77.36 - Low Apr 27 and a recent breakout level
  • RES 1: $75.58 - High May 3
  • PRICE: $73.10 @ 06:53 BST May 5
  • SUP 1: $71.28 - Intraday low
  • 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 remain vulnerable following this week’s impulsive bearish sell-off. The contract has breached $74.66, the 76.4% retracement of the Mar 20 - Apr 12 bull run. Attention is on the next key support at $70.10, the Mar 20 low. Clearance of this level would confirm a resumption of the longer-term downtrend that started in Mar 2022. Initial resistance is seen at $75.58, Wednesday’s high.

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