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(Q1) Needle Still Points North

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
  • PRICE: $74.07 @ 07:07 BST Jun 17
  • SUP 1: $72.79 - Low Jun 15
  • SUP 2: $71.18 - 20-day EMA
  • SUP 3: $69.90 - High May 18 and the recent break out level
  • SUP 4: $66.39/64.50 - Low May 24 / Low May 21 and key support

Brent crude futures traded higher again yesterday, extending the uptrend. The $72.00 handle was cleared last week and the price has also cleared the $74.00 mark. Attention turns to $75.60 next, Apr 25, 2019 high. Moving average studies remain bullish too, reinforcing current conditions. Weakness through $64.50, May 21 low is required to highlight a key short-term top. Initial firm support is at $71.18, 20-day EMA ahead of $69.90, May 18 high.

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