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(Q1) Trades Through The 20-Day EMA

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: $74.86 - High Jul 7
  • PRICE: $72.01 @ 06:57 BST Jul 8
  • SUP 1: $71.07 - Low Jul 7
  • SUP 2: $69.54 - Low Jun 17 and a key support
  • SUP 3: $68.84 - 50-day EMA
  • SUP 4: $67.59 - Low Jun 2

Brent futures continue to face strong selling pressure with price trending lower yesterday. The sell-off has defined resistance at $77.84, Jul 6 high and this represents a near-term bull trigger. The move lower has also seen prices clear 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 would confirm a resumption of the underlying uptrend.

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