(U2) Corrective Bounce Fades

• RES 4: $118.12 - High Jun 17
• RES 3: $116.24 - High Jun 29 and a key resistance
• RES 2: $107.61/114.75 - High Jul 19 / Jul 5
• RES 1: $107.46 - 50-day EMA
• PRICE: $106.84 @ 20:37 BST Jul 20
• SUP 1: $98.17/94.50 - Low Jul 15 / Low Jul 14
• SUP 2: $90.33 - Low Mar 17
• SUP 3: $89.60 - Low Mar 15 and a key support
• SUP 4: $86.74 - Low Feb 25

Brent futures started the week on a firmer note and traded higher again Tuesday. This follows a reversal signal on Jul 14 - a long legged doji candle pattern. Nonetheless, fading prices early Wednesday confirm short-term gains are considered corrective and the next resistance to watch is $107.55, the 50-day EMA. A clear break of this average would signal scope for a stronger recovery. For bears, a reversal lower, would refocus attention on the bear trigger at $94.50, the Jul 14 low.