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(Q1) 20-Day EMA Marks Initial Support

BRENT TECHS
  • RES 4: $79.63 - 1.50 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $78.03 - High Oct 29, 2018
  • RES 2: $76.97 - 1.23 proj of Mar 23 - May 18 - May 21 price swing
  • RES 1: $76.60 - High Jun 28
  • PRICE: $75.10 @ 06:51 BST Jun 30
  • SUP 1: $73.37 - 20-day EMA
  • SUP 2: $72.01 - Low Jun 17 and key near-term support
  • SUP 3: $69.90 - High May 18 and the recent break out level
  • SUP 4: $67.75 - Low May 25

Brent crude futures traded higher Monday but stalled at the session high and is trading lower. The outlook remains bullish though. Last week's recovery resulted in fresh trend highs following the clearance of $74.96 Jun 16 high. The move confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. A break below $72.01 is needed to signal a top. Initial support to watch is at $73.37, the 20-day EMA.

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