(U2) Heading South

• RES 4: $118.12 - High Jun 17
• RES 3: $116.24 - High Jun 29 and a key resistance
• RES 2: $108.22/114.75 - 50-day EMA / High Jul 5
• RES 1: $101.21/107.70 High Jul 13 / 8
• PRICE: $95.050 @ 15:05 BST Jul 14
• SUP 1: $94.50 - Intraday low
• 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 have resumed their downleg today. The break lower confirms a clear breach of former support at $98.50, the Jul 6/7 low and a bear trigger. The break confirms an extension of the current bearish price sequence of lower lows and lower highs and signal scope for a continuation. The focus is on $89.60, the Mar 15 low and the next key support. On the upside, key short-term resistance has been defined at $107.70, the Jul 11 high.