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(U1) Bearish Risk Still Present

BRENT TECHS
  • RES 4: $78.03 - High Oct 29, 2018 (cont)
  • RES 3: $77.86 - 1.382 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $77.84 - High Jul 6 and the bull trigger
  • RES 1: $75.99 - High Jul 7
  • PRICE: $74.27 @ 06:52 BST Jul 9
  • SUP 1: $72.11 - Low Jul 8
  • SUP 2: $71.24 - Low Jun 17 and key near-term support
  • SUP 3: $69.42 - High May 18 and the recent break out level
  • SUP 4: $67.40 - Low May 25

Brent futures recovered from yesterday's lows. The short-term outlook remains bearish though following this week's reversal lower with key resistance defined at $77.84, Jul 6 high. The contract has cleared the 20-day EMA. The breach of the EMA opens $71.24, Jun 17 low and an important short-term support. For bulls, a move above $77.84 is required to confirm a resumption of the underlying uptrend.

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