BRENT TECHS: (U20): Bearish Risk Still Present.......>

BRENT TECHS: (U20): Bearish Risk Still Present Despite Bounce

*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: $41.68 @ 06:35 BST Jun 30

*SUP 1: $39.70 - Low Jun 25

*SUP 2: $38.87/37.29 - 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 continues to highlight a bearish threat and attention

is on key support at $37.29, Jun 12 low. A break is required to highlight a more

convincing reversal. The first bear trigger is at $39.70, Jun 25 low. On the

upside, $43.97 is the level to break to ease the developing bearish threat.