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(U2) Remains Below The 50-Day EMA

BRENT TECHS
  • RES 4: $118.12 - High Jun 17
  • RES 3: $116.24 - High Jun 29 and a key resistance
  • RES 2: $114.75 - High Jul 5
  • RES 1: $107.21/61 - 50-day EMA / High Jul 19
  • PRICE: $102.64 @ 102.64 BST Jul 25
  • SUP 1: $98.17/94.50 - Low Jul 15 / Low Jul 14 and the bear trigger
  • 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 trend conditions remain bearish and S/T resistance has been defined at $107.61, the Jul 19 high. The move lower also highlights the fact that the 50-day EMA, at $107.21, has provided resistance and this reinforces bearish conditions. An extension lower would pave the way for weakness towards $94.50, Jul 14 low and S/T bear trigger. For bulls, clearance of the 50-day EMA is required to pave the way for a stronger recovery.

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