(U20): Consolidating But Remains Bullish

• 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: $43.68 @ 06:45 BST Jul 30
• SUP 1: $42.39 - Low Jul 27
• SUP 2: $42.36 - Low Jul 20 and key intraday support
• SUP 3: $41.43/32 - 50-day EMA / Low Jul 10
• 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.