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(N3) Trend Needle Points South

BRENT TECHS
  • RES 4: $85.08 - High Apr 18
  • RES 3: $82.88 - High Apr 25
  • RES 2: $79.24 - 50-day EMA
  • RES 1: $77.38 - 20-day EMA
  • PRICE: $75.40 @ 06:56 BST May 16
  • 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 the recent highs. The recovery from 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 continuation lower and a test of key support at $70.10, the Mar 20 low. Clearance of this level would reinforce bearish conditions. Initial resistance is seen at $77.38, the 20-day EMA ahead of $79.24, the 50-day EMA.

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