(Q3) Resistance Remains Intact

• RES 4: $84.56 - High Apr 18
• RES 3: $82.47 - High Apr 25
• RES 2: $80.08 - High Apr 28
• RES 1: $76.75/78.73 - 50-day EMA / High Jun 5 and a bull trigger
• PRICE: $75.74 @ 07:01 BST Jun 19
• SUP 1: $71.50 - Low May 31
• SUP 2: $71.20 - Low May 4
• SUP 3: $70.06 - Low Mar 20 and a key support
• SUP 4: $69.28 - Low Dec 20 2021 (cont)

A bear threat in Brent futures remains present despite last week’s gains and the contract continues to trade below $78.73, the Jun 5 high. 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 would alter the picture. For now, short-term gains are considered corrective.