BRENT TECHS: (Q20): Trendline Support Cleared *RES...>

BRENT TECHS: (Q20): Trendline Support Cleared

*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: $43.41 - High Jun 8 and bull trigger

*RES 1: $41.99 - High Jun 10

*PRICE: $37.94 @ 06:44 BST Jun 12

*SUP 1: $37.01 - Intraday low

*SUP 2: $36.74 - 50-day EMA

*SUP 3: $34.35 - Low May 28

*SUP 4: $33.94 - Low May 22

Brent futures traded lower yesterday. Price has cleared trendline support at

$38.69, drawn off the Apr 22 low. This signals a developing bearish threat and a

potential short-term reversal. Furthermore, trend conditions entered overbought

territory recently and the pullback is allowing this to unwind. Deeper losses

would expose support at $34.35, and $33.94, May 28 and 22 lows respectively.

Initial form resistance is at $41.99, Jun 10 high.