May 31, 2024 06:09 GMT
(Q4) Trend Needle Points South
BRENT TECHS
- RES 4: $92.94 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 3: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
- RES 2: $90.22 - High Apr 12 and the bull trigger
- RES 1: $85.20/87.77 - High May 1 / High Apr 26
- PRICE: $81.87 @ 06:58 BST May 31
- SUP 1: $80.44 - Low May 24
- SUP 2: $79.87 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
- SUP 3: $75.63 - Low Feb 5
- SUP 4: $73.47 - Low Dec 13 and a key support
Brent futures have pulled back from this week’s high of $84.72 (May 29). Recent short-term gains are considered corrective. The trend condition is bearish and moving average studies reinforce this - they have recently crossed and are in a bear-mode set-up. A continuation of the latest sell-off would open $79.87, a Fibonacci retracement. Initial firm resistance is $87.77, the Apr 26 high.
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