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(Q2) Extends Latest Bounce

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: $116.77 - Intraday high
  • PRICE: $116.37 @ 07:00 BST Jun 28
  • SUP 1: $111.26/107.03 - Low Jun 27/22
  • 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 have traded higher again, extending gains from $107.03, the Jun 22 low. A short-term bearish threat remains present though following the recent move lower that resulted in a breach of both the 20- and 50-day EMAs. A resumption of weakness would open $103.84 next, the May 19 low and a key support. On the upside, initial resistance is seen at $121.25, the Jun 17 high. A break of this hurdle would ease the bearish threat.

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  • 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: $116.77 - Intraday high
  • PRICE: $116.37 @ 07:00 BST Jun 28
  • SUP 1: $111.26/107.03 - Low Jun 27/22
  • 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 have traded higher again, extending gains from $107.03, the Jun 22 low. A short-term bearish threat remains present though following the recent move lower that resulted in a breach of both the 20- and 50-day EMAs. A resumption of weakness would open $103.84 next, the May 19 low and a key support. On the upside, initial resistance is seen at $121.25, the Jun 17 high. A break of this hurdle would ease the bearish threat.