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(Q1) Focus Is On Key Resistance

BRENT TECHS
  • RES 4: $71.95 - High Sep 16, 2019 (cont)
  • RES 3: $71.75 - High Jan 8 2020 (cont)
  • RES 2: $71.38 - High Mar 8 (cont)
  • RES 1: $69.90 - High May 18 and the bull trigger
  • PRICE: $69.13 @ 07:05 BST May 31
  • SUP 1: $67.64 - 20-day EMA
  • SUP 2: $66.39/64.50 - Low May 24 / Low May 21 and key support
  • SUP 3: $63.51 - Low Apr 22
  • SUP 4: $61.64 - Low Apr 12

Brent crude traded higher last week extending the recovery from $64.50, May 21 low. The underlying uptrend remains intact and attention is on $69.90, May 18 high and the bull trigger. Price has recently traded below the 50-day EMA however levels around the average continue to provide support. Weakness through $64.50 low is required to signal a short-term top and the start of a corrective pullback.

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