(Q2) Holding On To Recent Gains

• 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: $118.59 - Intraday high
• PRICE: $117.51 @ 06:59 BST Jun 29
• 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 traded higher again Tuesday, extending gains from $107.03, the Jun 22 low. A continuation higher would set the scene for a test of the next firm resistance at $121.25, the Jun 17 high. Clearance of this level would expose the bull trigger at $125.19, Jun 14 high. For bears, a failure to hold on to this week’s gains would highlight a short-term reversal and this would refocus attention on the $107.03 key support, Jun 22 low.