BRENT TECHS: (Q20): Trendline Support Remains........>

BRENT TECHS: (Q20): Trendline Support Remains 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: $40.62 @ 06:24 BST Jun 10

*SUP 1: $39.72 - Low Jun 5

*SUP 2: $38.76 - Low Jun 3

*SUP 3: $38.24 - Trendline support drawn off the Apr 22 low

*SUP 4: $36.46 - 50-day EMA

Brent futures maintain a bullish tone despite the recent pullback. Price last

week traded above resistance at $39.77, Apr 2 high and the psychological $40.00

level. This 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 $38.24.