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(Q3) Trend Needle Still Point South

BRENT TECHS
  • RES 4: $84.56 - High Apr 18
  • RES 3: $82.47 - High Apr 25
  • RES 2: $77.58/80.08 - 50-day EMA / High Apr 28
  • RES 1: $75.92 - 20-day EMA
  • PRICE: $74.97 @ 06:58 BST Jun 2
  • 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 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. Key resistance is at $77.58, the 50-day EMA. The latest recovery is considered corrective - for now.

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