BRENT TECHS: (U20): Bear Flag Highlights Bearish.....>

BRENT TECHS: (U20): Bear Flag Highlights Bearish Risk

*RES 4: $46.34 - Low Mar 6 and gap high 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: $42.95 - High Jun 24

*PRICE: $41.60 @ 06:52 BST Jul 1

*SUP 1: $39.70 - Low Jun 25

*SUP 2: $38.97/37.29 - 50-day EMA / Low Jun 12 and the bear trigger

*SUP 3: $35.33 - Low May 29

*SUP 4: $34.91 - Low May 28

Brent futures stalled last week at $43.97 on Jun 23. The subsequent sharp

pullback marks a failure to extend gains above the former key resistance at

$43.48, Jun 8 high. This highlights a bearish threat and recent activity has

taken on the shape of a bear flag that also suggests scope for weakness

near-term. Attention is on $37.29, Jun 12 low. A break would confirm a reversal.

The first bear trigger is at $39.70, Jun 25 low. Key resistance is $43.97.