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(Q2) Key Resistance Remains Exposed

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: $122.62 @ 07:05 BST Jun 10
  • SUP 1: $115.66 - 20-day EMA
  • SUP 2: $112.45 - Low Jun 2
  • SUP 3: $109.64 - 50-day EMA
  • SUP 4: $103.84 - Low May 19 and a key support

Brent futures are trading closer to their recent highs. The outlook is bullish and futures maintains a positive price sequence of higher highs and higher lows - the definition of an uptrend. Scope is seen for a test of 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 $115.66, is seen as initial support. A break would suggest scope for a deeper corrective pullback.

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