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(U2) Extends Pullback From Wednesday’s High

  • RES 4: $122.00 - Round number resistance
  • RES 3: $121.68 - High Jun 9 and the bull trigger
  • RES 2: $118.12 - High Jun 17
  • RES 1: $116.24 - High Jun 29
  • PRICE: $108.48 @ 07:04 BST Ju1 1
  • SUP 1: $107.15/104.35 - Low Jun 27/22
  • SUP 2: $101.86 - Low May 19 and a key support
  • SUP 3: $98.72 - Low May 11
  • SUP 4: $97.25 - Low Apr 25

Recent Brent futures gains stalled at Wednesday's high of 116.24. A break of $116.24 is required to resume the latest upleg and this would open $118.12, the Jun 17 high. Clearance of this level would expose the bull trigger at $121.68, Jun 9 high. For bears, the contract is trading lower and a continuation would expose the $104.35 key support, Jun 22 low. A breach of this support would strengthen bearish conditions.

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