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(Q2) Corrective Cycle Remains In Play

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: $125.19 - High Jun 14 and the bull trigger
  • RES 1: $121.25 - High Jun 17
  • PRICE: $114.96 @ 07:11 BST Jun 21
  • SUP 1: $111.80/52 - 50-day EMA / Low Jun 20
  • SUP 2: $108.28 - Low May 20
  • SUP 3: $103.84 - Low May 19 and a key support
  • SUP 4: $100.14 - Low May 11

Brent futures traded lower Friday and confirmed a clear break of the 20-day EMA. This highlights a bearish theme and suggests the current corrective cycle remains in play. Attention is on support around the 50-day EMA, which intersects at 111.80 and just above yesterday’s $111.52 low. A clear break of this average is required to suggest scope for an extension lower. For bulls, the broader trend is up, the bull trigger is at 125.19, Jun 14 high.

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