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(Q1) Corrective Pullback

BRENT TECHS
  • RES 4: $76.97 1.23 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $75.00 - Round number resistance
  • RES 2: $75.60 - High Apr 25, 2019 (cont)
  • RES 1: $74.96 - High Jun 16 and the bull trigger
  • PRICE: $72.72 @ 07:44 BST Jun 18
  • SUP 1: $71.36 - 20-day EMA
  • SUP 2: $69.90 - High May 18 and the recent break out level
  • SUP 3: $67.75 - Low May 25
  • SUP 4: $64.50 - Low May 21 and key support

Brent crude futures traded lower yesterday and the contract appears to have entered a short-term corrective cycle. A deeper pullback would expose the 20-day EMA at $71.36, where a break would suggest potential for a deeper pullback towards $69.90, May 18 high and a recent breakout level. For bulls, key resistance has been defined at $74.96, Jun 16 high. A breach would confirm a resumption of the uptrend.

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