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(U1) Heading North

BRENT TECHS
  • RES 4: $79.02 - 1.50 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $78.03 - High Oct 29, 2018 (cont)
  • RES 2: $77.86 - 1.382 proj of Mar 23 - May 18 - May 21 price swing
  • RES 1: $77.61 - Intraday high
  • PRICE: $77.35 @ 06:49 BST Jul 6
  • SUP 1: $73.84/36 - 20-day EMA / Low Jun 29
  • 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 crude futures last week cleared the recent trend high of $75.77, Jun 28 high. The contract has also started this week on a firmer note. The break higher confirms a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. This paves the way for strength towards $77.86 next, a Fibonacci projection. Initial firm support is seen at $73.84, the 20-day EMA. A break would signal a short-term top.

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