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(Q1) Bullish Conditions Intact

BRENT TECHS
  • RES 4: $74.59 1.00 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $74.20 - High Apr 26, 2019 (cont)
  • RES 2: $74.00 - Round number resistance
  • RES 1: $73.64 - High Jun 14
  • PRICE: $73.11 @ 06:56 BST Jun 15
  • SUP 1: $70.51 - 20-day EMA
  • SUP 2: $69.90 High May 18 and the recent break out level
  • SUP 3: $66.39/64.50 - Low May 24 / Low May 21 and key support
  • SUP 4: $63.51 - Low Apr 22

Brent crude futures traded higher again yesterday, extending the underlying uptrend. The $72.00 handle was cleared last week and attention turns to $74.00 next. Moving average studies remain bullish too, reinforcing current conditions. Weakness through $64.50, the May 21 low is required to highlight a key short-term top. Initial support lies at $70.51, the 20-day EMA ahead of $69.90, May 18 high.

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