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

BRENT TECHS: (U20): Bearish Risk Still Present

*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: $42.07 @ 06:41 BST Jul 2

*SUP 1: $39.70 - Low Jun 25 and the bear trigger

*SUP 2: $39.09/37.29 - 50-day EMA / Low Jun 12 and the reversal trigger

*SUP 3: $35.33 - Low May 29

*SUP 4: $34.91 - Low May 28

Brent futures continue to edge higher this week. A bearish risk however remains

in place following last week's sell-off from $43.97 on Jun 23. The subsequent

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

$43.48, Jun 8 high. Furthermore, recent activity has taken on the shape of a

bear flag that also suggests scope for weakness near-term. A break of $39.70,

Jun 25 low would trigger fresh weakness. Key resistance is $43.97.