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(Q3) Bearish Threat Remains Present

BRENT TECHS
  • RES 4: $84.56 - High Apr 18
  • RES 3: $82.47 - High Apr 25
  • RES 2: $80.08 - High Apr 28
  • RES 1: $77.24/78.73 - High Jun 21 / 5 and a bull trigger
  • PRICE: $74.46 @ 06:43 BST Jun 30
  • SUP 1: $71.50 - Low May 31
  • SUP 2: $71.20 - Low Jun 20 / Low May 4
  • SUP 3: $70.06 - Low Mar 20 and a key support
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

Despite recent gains, a bearish threat in Brent futures remains present. Scope is seen for a move towards $71.20, the May 4 low, ahead of $70.06, the Mar 20 low. Moving average studies remain in a bear mode position and this highlights a downtrend. On the upside, clearance of $78.73, the Jun 5 high, would alter the picture and signal a reversal. Initial firm resistance is at $77.24, the Jun 21 high.

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