May 29, 2024 06:12 GMT
(N4) Corrective Cycle
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: $85.89/88.64 - High May 1 / High Apr 26
- PRICE: $84.39 @ 07:00 BST May 29
- SUP 1: $80.65 - Low May 24
- 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 have recovered from their most recent low and the contract traded higher again yesterday. For now, short-term gains are considered corrective. The trend condition is bearish and moving average studies reinforce this - they have recently crossed and are in a bear-mode set-up. A resumption of the bear leg would open $80.24, a Fibonacci retracement. Initial firm resistance is $88.64, the Apr 26 high.
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