(U2) Doji Reversal Signal Still In Play

• RES 4: $118.12 - High Jun 17
• RES 3: $116.24 - High Jun 29 and a key resistance
• RES 2: $107.60/114.75 - 50-day EMA / High Jul 5
• RES 1: $103.00 - Intraday high
• PRICE: $102.30 @ 07:05 BST Jul 18
• SUP 1: $98.17/94.15 - 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 traded lower last week to confirm a resumption of the current downtrend. Price however has recovered from last week’s low and the price pattern on Jul 14 is a long legged doji candle pattern. This pattern highlights the possibility of a short-term corrective reversal. Stronger gains would open the $105.00 handle. A resumption of weakness and a break of $94.15, Jul 14 lwo, would resume the downtrend.