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(Q2) Bullish Outlook

BRENT TECHS
  • RES 4: $126.95 - 1.764 proj of the May 11 - 17 - 19 price swing
  • RES 3: $125.04 - 1.618 proj of the May 11 - 17 - 19 price swing
  • RES 2: $124.42 - High Mar 7 and the bull trigger
  • RES 1: $124.40 - High Jun 8
  • PRICE: $119.85 @ 07:04 BST Jun 13
  • SUP 1: $116.83 - 20-day EMA
  • SUP 2: $112.45 - Low Jun 2
  • SUP 3: $110.60 - 50-day EMA
  • SUP 4: $103.84 - Low May 19 and a key support

Brent futures remain below recent highs. The outlook is bullish and a positive price sequence of higher highs and higher lows remains intact - the definition of an uptrend. Scope is seen for a test of the contract high of 124.42 on Mar 7. A break would confirm a resumption of the primary uptrend. On the downside, the 20-day EMA, at $116.83, is seen as initial firm support. A break would suggest scope for a deeper corrective pullback.

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