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(N3) Resistance At The 50-Day EMA Still Intact

BRENT TECHS
  • RES 4: $85.08 - High Apr 18
  • RES 3: $85.08 - High Apr 18
  • RES 2: $82.88 - High Apr 25
  • RES 1: $78.35/80.53 - 50-day EMA / High Apr 28
  • PRICE: $76.35 @ 06:52 BST May 30
  • 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 remain below last week’s high. The latest pullback means that resistance at the 50-day EMA which intersects at $78.35, remains intact. A clear break of the EMA is required to strengthen a short-term bullish theme and this would open $80.53, the Apr 28 high. On the downside, a breach of $73.49, the May 15 low, would be seen as a bearish development and set the scene for an extension towards $71.28.

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