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(N4) Key Short-Term Support Intact For Now

BRENT TECHS
Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis
  • RES 4: $95.18 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $94.00 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $92.09 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 1: $91.18 - High Apr 12 and the bull trigger
  • PRICE: $86.93 @ 07:03 BST Apr 30
  • SUP 1: $85.32 - 50-day EMA
  • 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 remain above recent lows and key support at $85.32, the 50-day EMA. A bearish corrective cycle remains in play and a clear break of the 50-day EMA would signal scope for a deeper retracement that would open $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.

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  • RES 4: $95.18 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $94.00 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $92.09 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 1: $91.18 - High Apr 12 and the bull trigger
  • PRICE: $86.93 @ 07:03 BST Apr 30
  • SUP 1: $85.32 - 50-day EMA
  • 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 remain above recent lows and key support at $85.32, the 50-day EMA. A bearish corrective cycle remains in play and a clear break of the 50-day EMA would signal scope for a deeper retracement that would open $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.