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(U2) Bearish Price Activity

  • RES 4: $121.68 - High Jun 9 and the bull trigger
  • RES 3: $118.12 - High Jun 17
  • RES 2: $116.24 - High Jun 29
  • RES 1: $109.63/114.75 - 50-day EMA / High Jul 5
  • PRICE: $103.84 @ 05:49 BST Jul 6
  • SUP 1: $101.10 - Low Jul 5
  • SUP 2: $100.00 - Psychological round number
  • SUP 3: $98.72 - Low May 11
  • SUP 4: $97.25 - Low Apr 25

Brent futures faced strong selling pressure Tuesday. The move lower confirmed a break of support at $104.35, the Jun 22 low and a short-term bear trigger. This has strengthened current bearish conditions and has established a bearish price sequence of lower lows and lower highs on the daily chart. The focus is on the $100.00 handle and $98.72, the May 11 low. Key short-term resistance has been defined at $116.24, the Jun 29 high.

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