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(U1) Stalls At Yesterday's High

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: $77.84 - High Jul 6
  • PRICE: $74.66 @ 06:59 BST Jul 7
  • SUP 1: $73.91/36 - 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 faced strong selling pressure yesterday. The sell-off has defined resistance at $77.84 and this represents a near-term bull trigger. The move lower has also exposed support at the 20-day EMA that intersects at $73.91. A breach of the EMA would open $73.36, the Jun 29 low and an important short-term support. For bulls, a move above $77.84 would confirm a resumption of the underlying uptrend.

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