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

BRENT TECHS: (U20): Bearish Risk Still Present
*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: $43.71 - High Jul 6
*PRICE: $42.99 @ 05:56 BST Jul 13
*SUP 1: $40.99 - Low Jun 30
*SUP 2: $39.70 - Low Jun 25 and the bear trigger
*SUP 3: $39.91 - 50-day EMA
*SUP 4: $37.29 -Low Jun 12 and the reversal trigger
Brent futures continue to trade below key resistance at $43.97, Jun 23 high. We
have been highlighting the existence of a bearish risk following the sell-off
between Jun 23 - 25. The pullback marked a failure to extend gains beyond
resistance at $43.48, Jun 8 high. Price has cleared trendline support drawn off
the Apr 28 low. An extension lower would open $39.70, Jun 25 low and major
support. Key resistance remains $43.97, Jun 23 high.

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