May 23, 2024 06:19 GMT
(N4) Bear Threat Remains Present
BRENT TECHS
- RES 4: $94.00 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 3: $92.09 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
- RES 2: $91.18 - High Apr 12 and the bull trigger
- RES 1: $84.32/88.64 - 50-day EMA / High Apr 26
- PRICE: $81.41 @ 07:08 BST May 23
- SUP 1: $81.05 - Low May 15 and the bear trigger
- SUP 2: $80.24 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
- SUP 3: $75.91 - Low Feb 5
- SUP 4: $73.47 - Low Dec 13 and a key support
Brent futures are trading lower but remain inside the recent range for now. The trend condition remains bearish. Price has recently cleared the 50-day EMA and the clear breach of this average signals scope for a deeper correction towards $80.24, a Fibonacci retracement. Key resistance and the bull trigger has been defined at $91.18, the Apr 12 high. Clearance of this level would resume the uptrend. Initial firm resistance is $88.64, Apr 26 high.
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