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(Q2) Bearish Focus

BRENT TECHS
  • RES 4: $125.04 - 1.618 proj of the May 11 - 17 - 19 price swing
  • RES 3: $125.19 - High Jun 14 and the bull trigger
  • RES 2: $121.25 - High Jun 17
  • RES 1: $116.25 - High Jun 21
  • PRICE: $110.44 @ 07:02 BST Jun 24
  • SUP 1: $107.03 - Low May 22
  • SUP 2: $103.84 - Low May 19 and a key support
  • SUP 3: $100.14 - Low May 11
  • SUP 4: $98.32 - Low Apr 25

Brent futures traded lower Wednesday and in the process, cleared support at the 50-day EMA. The break lower strengthens the current bearish threat and signals potential for an extension down with the focus on $103.84 next, the May 19 low and a key support. Initial support to watch is Wednesday’s low of $107.03, the intraday bear trigger. On the upside, initial resistance is seen at $116.25, the Jun 21 high.

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