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(U2) Bearish Outlook

BRENT TECHS
  • RES 4: $118.12 - High Jun 17
  • RES 3: $116.24 - High Jun 29 and a key resistance
  • RES 2: $108.94/114.75 - 50-day EMA / High Jul 5
  • RES 1: $107.70 High Jul 8
  • PRICE: $105.25 @ 07:01 BST Jul 12
  • SUP 1: $103.64/98.50 - Low Jul 11 / Low Jul 6 / 7 and a bear trigger
  • SUP 2: $97.25 - Low Apr 25
  • SUP 3: $95.92 - Low Apr 11
  • SUP 4: $95.13 - Low Mar 29

Brent futures remain vulnerable despite last week’s gains. Recent weakness resulted in a break of support at $104.35, the Jun 22 low and a short-term bear trigger. This has strengthened bearish conditions and established a bearish price sequence of lower lows and lower highs on the daily chart. The focus is on $97.25 next, the Apr 25 low. Key short-term resistance has been defined at $116.24, the Jun 29 high.

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