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(Q4) Watching Resistance At The 50-Day EMA

BRENT TECHS
  • RES 4: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $90.22 - High Apr 12 and the bull trigger
  • RES 2: $87.04 -76.4% retracement of the Apr 12 - Jun 5 bear leg
  • RES 1: $84.72 - High May 29 and a key resistance
  • PRICE: $84.14 @ 07:18 BST Jun 18
  • SUP 1: $79.32/76.76 - Low Jun 7 / 4
  • SUP 2: $75.63 - Low Feb 5
  • SUP 3: $73.47 - Low Dec 13 and a key support
  • SUP 4: $71.20 - 1.382 proj of the Apr 12 - May 24 - 29 price swing

Brent futures traded higher Monday, marking an extension of the current bull cycle. The climb has exposed key S/T resistance at $84.72, the May 29 high. A clear break of this hurdle would undermine a recent bearish theme and instead signal scope for a continuation higher near-term. This would open $87.04, a Fibonacci retracement. On the downside, initial support to watch is $81.95, the 20-day EMA. A break would be seen as an early reversal signal.

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