BRENT TECHS: (Q20): Monitoring The Key Directional...>

BRENT TECHS: (Q20): Monitoring The Key Directional Triggers

*RES 4: $48.53 - Low Mar 2

*RES 3: $45.98 - Low Mar 6 and gap high on the daily chart

*RES 2: $45.20 - 50.0% retracement of the Jan - Apr sell-off

*RES 1: $43.41 - High Jun 8 and bull trigger

*PRICE: $42.08 @ 06:33 BST Jun 22

*SUP 1: $40.03 - Low Jun 17

*SUP 2: $37.59/01 - 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 continue to grind higher. Despite last week's gains, a near-term

bearish risk is still present. Price recently cleared trendline support drawn

off the Apr 22 low. This highlights a potential bearish threat and a near-term

reversal. The key directional parameters to watch are $37.01 on the downside,

Jun 12 low and $43.41 on the upside, Jun 8 high. A break of support would

confirm a top whereas clearance of $43.41 would resume the uptrend.