BRENT TECHS: (U20): Approaching Key Resistance.......>

BRENT TECHS: (U20): Approaching Key Resistance

*RES 4: $46.34 - Low Mar 6 and gap low on the daily chart

*RES 3: $45.86 - 50.0% retracement of the Jan - Apr sell-off

*RES 2: $43.97 - High Jun 23 and bull trigger

*RES 1: $43.85 - High Jul 15

*PRICE: $43.47 @ 06:36 BST Jul 16

*SUP 1: $41.32 - Low Jul 10

*SUP 2: $40.39 - 50-day EMA

*SUP 3: $39.70 - Low Jun 25 and the bear trigger

*SUP 4: $37.29 -Low Jun 12 and the trend reversal trigger

Brent futures traded higher yesterday however the contract continues to trade

below key resistance at $43.97, Jun 23 high. A bearish risk is still present

while this level remains intact. The sell-off between Jun 23 - 25 marked a

failure to extend gains beyond $43.48, Jun 8 high. A turn lower would open

$39.70, Jun 25 low and a major support. Key resistance is $43.97 where a break

would instead confirm a resumption of the uptrend.