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(Q1) Uptrend Resumes

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: $70.74 - 0.618 proj of Mar 23 - May 18 - May 21 price swing
  • PRICE: $70.29 @ 06:52 BST Jun 1
  • SUP 1: $67.80 - 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 and continues to push higher trading through $70.00 today. The underlying uptrend remains intact and attention is on $71.38 next, the Mar 8 high (cont). Price recently breached the 50-day EMA however levels around the average continue to provide strong trend support. Weakness through $64.50 low is required to signal a S/T top. Initial support is at $67.80.

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