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- RES 4: $76.72 - High Jul 14
- RES 3: $74.59 - High Jul 15
- RES 2: $73.34 - High Jul 19
- RES 1: $70.54 - 50.0% of yesterday's range
- PRICE: $68.83 @ 06:22 BST Jul 20
- SUP 1: $67.43 - 76.4% retracement of the May 21 - Jul 6 rally
- SUP 2: $66.11 - Low May 24
- SUP 3: $64.22 - Low May 21
- SUP 4: $63.09 - Low Apr 22
Brent futures faced strong selling pressure Monday. The contact has confirmed a top with momentum in a clear bearish cycle as the current corrective pullback extends. Price yesterday also confirmed a clear break of the 50-day EMA paving the way for further downside. The focus is on $67.43, a Fibonacci retracement where a break would open $66.11, the May 24 low. On the upside, initial resistance is at $70.54, 50% of yesterday's range.