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

BRENT TECHS: (Q20): Bearish Threat 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: $41.65 @ 06:54 BST Jun 26

*SUP 1: $38.47 - Low Jun 25

*SUP 2: $38.20/37.01 - 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 this 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. The near-term outlook is bearish and attention

turns to key support at $37.01, Jun 12 low. A break of this level is required to

highlight a more convincing reversal. On the upside, clearance of $43.93 is

required to ease the developing bearish threat.