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(U20): Consolidates And Remains Bullish

BRENT TECHS
  • RES 4: $48.69 - Low Mar 2
  • RES 3: $46.34 - Low Mar 6 and gap high on the daily chart
  • RES 2: $45.86 - 50.0% retracement of the Jan - Apr sell-off
  • RES 1: $44.89 - High Jul 21 and the bull trigger
  • PRICE: $43.37 @ 07:53 BST Jul 29
  • SUP 1: $42.39 - Low Jul 27
  • SUP 2: $42.36 - Low Jul 20 and key intraday support
  • SUP 3: $41.32/34 - Low Jul 10 / 50-day EMA
  • SUP 4: $39.70 - Low Jun 25

Brent futures remain bullish despite the recent pullback off last week's
high of $44.89 on Jul 21 high. Last week's gains did result in a breach of
former key resistance at $43.97, Jun 23 high. This confirmed a
resumption of the uptrend that has been in place since Apr 22. It sets the
scene for an extension towards $45.86, a Fibonacci retracement and
$46.34. Initial firm support has been defined at $42.36, Jul 20 low.

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