(U1) Bearish Risk Still Present

• 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: $75.33 @ 06:51 BST Jul 13
• 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 have recovered from last week's lows. The short-term outlook remains bearish following the reversal lower on Jul 6. Key resistance is defined at $77.84, that day's high. The contract has recently cleared the 20-day EMA and the breach of this average 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.