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(U1) A Pause In The Bear Cycle

BRENT TECHS
  • RES 4: $77.84 - High Jul 6 and the bull trigger
  • RES 3: $76.72 - High Jul 14
  • RES 2: $74.59 - High Jul 15
  • RES 1: $73.34 - High Jul 19
  • PRICE: $72.10 @ 06:42 BST Jul 22
  • SUP 1: $67.43 - 76.4% retracement of the May 21 - Jul 6 rally
  • SUP 2: $66.11 - Low May 24
  • SUP 3: $64.22 - Low May 21
  • SUP 4: $63.09 - Low Apr 22

Brent futures remain vulnerable following Monday's selling pressure and despite yesterday's strong gains. The contact has confirmed a top with momentum still in a clear bear cycle. Price has also confirmed a clear break of the 50-day EMA paving the way for an extension lower. The focus is on $67.43, a Fibonacci retracement where a break would open $66.11, the May 24 low. On the upside, initial resistance is at $73.34, Jul 19 high.

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