BRENT TECHS: (Q20): Bearish Risk Still Present.......>

BRENT TECHS: (Q20): Bearish Risk Still Present

*RES 4: $45.98 - Low Mar 6 and gap high on the daily chart

*RES 3: $45.20 - 50.0% retracement of the Jan - Apr sell-off

*RES 2: $43.93 - High Jun 23 and bull trigger

*RES 1: $42.89 - High Jun 24

*PRICE: $40.31 @ 06:33 BST Jun 29

*SUP 1: $39.47 - Low Jun 25

*SUP 2: $38.31/37.01 - 50-day EMA / Low Jun 12 and the bear trigger

*SUP 3: $34.84 - Low May 29

*SUP 4: $34.35 - Low May 28

Brent futures stalled last week at Tuesday's high of $43.93. The sharp pullback

marks a failure to extend gains following the recent break of former key

resistance at $43.41, Jun 8 high. This continues to highlight a bearish threat

and attention is on key support at $37.01, Jun 12 low. A break is required to

highlight a more convincing reversal. On the upside, $43.93 is the level to

break to ease the developing bearish threat.