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

BRENT TECHS: (Q20): Trendline Support Intact

*RES 4: $48.53 - Mar 2 low

*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

*PRICE: $40.39 @ 06:37 BST Jun 11

*SUP 1: $39.72 - Low Jun 5

*SUP 2: $38.76 - Low Jun 3

*SUP 3: $38.69 - Trendline support drawn off the Apr 22 low

*SUP 4: $36.66 - 50-day EMA

Brent futures maintain a bullish tone despite the recent pullback. The recent

move above former resistance at $39.77, Apr 2 high and the psychological $40.00

level reinforced underlying bullish conditions. Furthermore, futures have also

traded above $41.89, Mar 11 high and a gap low on the daily chart. The focus is

on 45.20 next, a Fibonacci retracement. Trendline support drawn off the Apr 22

low remains intact and intersects at $38.69. It represents an important support.