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.