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BRENT TECHS: (X4) Southbound 

BRENT TECHS
  • RES 4: $83.74 - High Jul 18 
  • RES 3: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 2: $78.21 - 50-day EMA 
  • RES 1: $75.95 - 20-day EMA     
  • PRICE: $71.72 @ 06:59 BST Sep 10
  • SUP 1: $70.61 - Low Sep 5  
  • SUP 2: $70.35 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $68.99 - 1.50 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing  

Brent futures remain in a clear downtrend. Last week's move down resulted in a breach of $74.62, the Aug 5 low and a bear trigger. This confirms a resumption of the downtrend that started in April and opens $70.35, a Fibonacci projection. A key support at $73.16, the Dec 13 ‘23 low, has also been cleared, strengthening a bearish theme. Initial firm resistance is at $75.95, the 20-day EMA.

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