(Q3) Key Short-Term Resistance Still Intact

• RES 4: $84.56 - High Apr 18
• RES 3: $82.47 - High Apr 25
• RES 2: $80.08 - High Apr 28
• RES 1: $78.73 - High Jun 5 and a short-term bull trigger
• PRICE: $76.88 @ 06:52 BST Jun 8
• SUP 1: $74.18 - Low Jun 2
• SUP 2: $71.50/71.20 - Low May 31 / 4
• SUP 3: $70.06 - Low Mar 20 and a key support
• SUP 4: $69.28 - Low Dec 20 2021 (cont)

Brent futures continue to trade below Monday’s high. Price earlier this week pierced resistance at $78.50, the May 24 high, before pulling back. A clear break of this hurdle would strengthen a bullish condition and signal scope for an extension. This would open $80.08, the Apr 28 high. For bears, a stronger reversal would instead signal a top and this would once again expose key support at $71.20, the May 4 low, ahead of $70.06, the Mar 20 low.