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

BRENT TECHS: (Q20): Watching 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: $41.88 @ 06:44 BST Jun 19

*SUP 1: $38.95 - Low Jun 16

*SUP 2: $37.40/09 - 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 this week's gains, a near-term

bearish risk is still present. Price last week cleared trendline support drawn

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

reversal. The key directional parameters 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 confirm a resumption of the uptrend.