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BRENT TECHS: (U20): Trading Just Below Key...........>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (U20): Trading Just Below Key Resistance
*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: $43.71 - High Jul 6
*PRICE: $42.80 @ 06:40 BST Jul 7
*SUP 1: $40.99 - Low Jun 30
*SUP 2: $39.70 - Low Jun 25 and the bear trigger
*SUP 3: $39.53 - 50-day EMA
*SUP 4: $37.29 -Low Jun 12 and the reversal trigger
Brent futures continued to edge higher yesterday. While the near-term outlook
remains positive, a bearish risk is still present following the sell-off between
Jun 23 - 25. The pullback marked a failure to extend gains beyond the former key
resistance at $43.48, Jun 8 high. A break of support at $39.70, Jun 25 low would
trigger fresh weakness and also confirm a breach of trendline support drawn off
the Apr 28 low. Key resistance and the bull trigger is $43.97.

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