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(V2) Clears The 20-Day EMA

BRENT TECHS
  • RES 4: $112.92 - High Jun 29
  • RES 3: $110.72 - High Jul 5
  • RES 2: $106.50 - High Jul 29 and a key resistance
  • RES 1: $100.17/101.79 - High Aug 11 / 50-day EMA
  • PRICE: $99.09 @ 06:45 BST Aug 12
  • SUP 1: $92.78 - Low Aug 5
  • SUP 2: $91.22 - Low Jul 14 and the bear trigger
  • SUP 3: $90.00 - Round number support
  • SUP 4: $88.31 - Low Mar 9 and a key support

Brent futures traded higher Thursday and cleared Tuesday's high of $98.40. This cancels a recent doji candle that signalled a possible bearish reversal. The price has also breached the 20-day EMA. This signals potential for a stronger recovery near-term, potentially towards the 50-day EMA at $101.70. On the downside, a resumption of weakness would highlight a resumption of the recent bear leg and open $91.22, Jul 14 low

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