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(Q1) Approaching Key Support

WTI TECHS
  • RES 4: $78.79 - 1.764 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $77.35 - 1.618 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $76.98 - High Jul 6 and the bull trigger
  • RES 1: $75.52 - High Jul 13
  • PRICE: $71.45 @ 07:01 BST Jul 16
  • SUP 1: $70.76 - Low Jul 8 and key support
  • SUP 2: $69.85 - 50-day EMA
  • SUP 3: $69.54 - Low Jun 17
  • SUP 4: $67.59 - Low Jun 2

Brent futures are lower and approaching support at $70.76, Jul 8 low. A break of this support would highlight a stronger bearish theme and signal scope for a deeper pullback, initially towards $69.85, the 50-day EMA. A clear break of the average would strengthen a bearish case. For bulls, initial firm resistance has been defined at $75.52, Jul 13 high. Clearance of this hurdle is required to once again expose the bull trigger at $76.98, Jul 6 high.

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