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(Q2) Pullback Considered Corrective

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: $114.70 @ 07:01 BST Jun 2
  • SUP 1: $112.80 - Intraday low
  • SUP 2: $111.25 - 20-day EMA
  • SUP 3: $106.60 - 50-day EMA
  • SUP 4: $103.84 - Low May 19 and a key support

Brent futures remain below Tuesday’s high. Trend conditions are bullish and dips are considered corrective. Recent gains signals scope for an extension towards the contract high of 124.42 the Mar 7 high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the 20-day EMA, at $111.25, is seen as initial support. A break would suggest scope for a deeper corrective pullback.

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