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Resistance Remains Intact

BRENT TECHS
  • RES 4: $85.08 - High Apr 18
  • RES 3: $82.88 - High Apr 25
  • RES 2: $78.74 - 50-day EMA
  • RES 1: $77.60 - High May 10
  • PRICE: $79.74@ 06:42 BST May 22
  • SUP 1: $73.49/71.28 - Low May 15 / 4
  • SUP 2: $70.10 - 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)

A bearish threat in Brent futures remains present. The contract has remained below the recent high of $77.60 (May 10) and below resistance at the 50-day EMA which intersects at $78.74. A clear break of the average is required to strengthen a bullish threat and signal scope for a stronger recovery. For now, the outlook remains bearish. A breach of $73.49, the May 15 low, would set the scene for an extension towards $71.28, the May 4 low.

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