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(Q2) Stalls At Yesterday’s High

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: $120.41 - High Jun 29
  • PRICE: $116.15 @ 07:00 BST Jun 30
  • 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 Wednesday but did find resistance at the session high and closed down on the day. A break of yesterday’s $120.41 high is required to resume the latest upleg and this would open $121.25, the Jun 17 high. Clearance of this level would expose the bull trigger at $125.19, Jun 14 high. For bears, a stronger reversal would highlight a resumption of bearish activity and expose the $107.03 key support, Jun 22 low.

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