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(Q2) Corrective Pullback

BRENT TECHS
  • RES 4: $124.42 - High Mar 7 and the bull trigger
  • RES 3: $123.49 - 1.50 proj of the May 11 - 17 - 19 price swing
  • RES 2: $121.94 - 1.382 proj of the May 11 - 17 - 19 price swing
  • RES 1: $120.80 - High May 31
  • PRICE: $115.73 @ 07:03 BST Jun 1
  • SUP 1: $115.15 - Low May 31
  • SUP 2: $110.72 - 20-day EMA
  • SUP 3: $106.20 - 50-day EMA
  • SUP 4: $103.84 - Low May 19 and a key support

Brent futures faced some resistance Tuesday but remain in an uptrend and a pullback is considered corrective. The recent climb signals scope for an extension towards the contract high of 124.42 the Mar 7 high. A break of this resistance would confirm a resumption of the primary uptrend. On the downside, the 20-day EMA, at $110.72, is seen as initial support. A break would instead threaten the current bull theme.

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