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(Q1) Bullish Structure Still Intact

BRENT TECHS
  • RES 4: $74.20 - High Apr 26, 2019 (cont)
  • RES 3: $73.40 - High May 20 2019 (cont)
  • RES 2: $73.00 - Round number resistance
  • RES 1: $72.27 - High Jun 7
  • PRICE: $70.99 @ 06:54 BST Jun 8
  • SUP 1: $69.90 High May 18 and the recent break out level
  • SUP 2: $69.19 - 20-day EMA
  • 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 last week. Attention is on $72.21, a Fibonacci extension and $73.40, the May 20, 2019 high (cont). Price recently breached the 50-day EMA however levels around the average continue to provide strong trend support. Weakness through $64.50, the May 21 low is required to signal a key short-term top. Initial support lies at $69.90, May 18 high with the 20-day EMA intersecting at $69.19.

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