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(U1) Bullish Outlook

BRENT TECHS
  • RES 4: $78.03 - High Oct 29, 2018 (cont)
  • RES 3: $77.84 - High Jul 6 and the bull trigger
  • RES 2: $76.72 - High Jul 14
  • RES 1: $75.39 - 76.4% retracement of the Jul 6 - 20 downleg
  • PRICE: $75.13 @ 06:53 BST Jul 29
  • SUP 1: $73.66 50-day EMA
  • SUP 2: $71.74 Low Jul 22
  • SUP 3: $67.44/43 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 4:$66.11 - Low May 24

Brent futures remain firm. Price has recently cleared $73.87, the 61.8% retracement of the Jul 6 - 20 downleg. The breach of this level strengthens the short-term bullish case and puts on hold the recent bearish theme. The move higher also signals scope for a climb towards key resistance at $77.84, the Jul 6 high. A reversal lower is required to refocus attention on $67.44, Jul 20 low and key support.

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