BRENT TECHS: (U20): Key Resistance Cleared *RES 4:...>

BRENT TECHS: (U20): Key Resistance Cleared

*RES 4: $48.69 - Low Mar 2

*RES 3: $46.34 - Low Mar 6 and gap high on the daily chart

*RES 2: $45.86 - 50.0% retracement of the Jan - Apr sell-off

*RES 1: $45.00 - Round number resistance

*PRICE: $44.27 @ 10:07 BST Jul 21

*SUP 1: $42.36 - Low Jul 20 and key intraday support

*SUP 2: $41.32 - Low Jul 10

*SUP 3: $40.72 - 50-day EMA

*SUP 4: $39.70 - Low Jun 25 and the bear trigger

Brent futures are trading higher this morning and have breached key resistance

at $43.97, Jun 23 high. The move through this resistance confirms a resumption

of the uptrend that has been in place since the reversal on Apr 22. This sets

the scene for an extension higher towards $45.86, a Fibonacci retracement and

$46.34 further out. On the downside, initial firm support has been defined at

$42.36, Jul 20 low.