(Q3) Bear Threat Remains Present

• RES 4: $84.56 - High Apr 18
• RES 3: $82.47 - High Apr 25
• RES 2: $77.71/80.08 - 50-day EMA / High Apr 28
• RES 1: $76.10 - 20-day EMA
• PRICE: $73.38 @ 07:53 BST Jun 1
• SUP 1: $71.20 - Low May 4
• SUP 2: $70.06 - Low Mar 20 and a key support
• SUP 3: $69.28 - Low Dec 20 2021 (cont)
• SUP 4: $65.72 - Low Dec 2 2021 (cont)

Brent futures traded lower again Wednesday. This reinforces short-term bearish conditions and this week’s move lower has resulted in a breach of support at $73.25, the May 15 low. The clear break of this level signals scope for weakness towards $71.20 the May 4 low and $70.06, the Mar 20 low and key support. Moving average studies are in a bear mode position highlighting a downtrend. Key resistance is at $77.71, the 50-day EMA.