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(Q2) Eyeing Its Bull Trigger

BRENT TECHS
  • RES 4: $125.04 - 1.618 proj of the May 11 - 17 - 19 price swing
  • RES 3: $124.42 - High Mar 7 and the bull trigger
  • RES 2: $123.49 - 1.50 proj of the May 11 - 17 - 19 price swing
  • RES 1: $121.95 - High Jun 6
  • PRICE: $119.83 @ 07:11 BST Jun 7
  • SUP 1: $113.27 - 20-day EMA
  • SUP 2: $112.45 - Low Jun 2
  • SUP 3: $108.00 - 50-day EMA
  • SUP 4: $103.84 - Low May 19 and a key support

Brent futures last week cleared 120.80, May 31 high. Trend conditions are bullish and price maintains a bullish sequence of higher highs and higher lows. Scope is seen for an extension towards the contract high of 124.42, Mar 7 high. A break would confirm a resumption of the primary uptrend. On the downside, the 20-day EMA, at $113.27, is seen as initial support. A break would suggest scope for a deeper corrective pullback.

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