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(Q1) Corrective Bounce

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: $74.93 - High Jul 12
  • PRICE: $74.26 @ 06:57 BST Jul 13
  • SUP 1: $72.62/ 70.76 - 20-day EMA / Low Jul 8
  • SUP 2: $69.54 - Low Jun 17 and a key support
  • SUP 3: $69.41 - 50-day EMA
  • SUP 4: $67.59 - Low Jun 2

Brent futures are likely to continue facing selling pressure near-term and recent gains are considered corrective. The move lower last week and reversal on Jul 6 resulted in a break of the 20-day EMA. The breach of the EMA opens $69.54, Jun 17 low and an important short-term support. For bulls, a move above $77.84, the Jul 6 high would instead confirm a resumption of the underlying uptrend.

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