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(U20): Pivot Support Defined

BRENT TECHS
  • RES 4: $46.34 - Low Mar 6 and gap high on the daily chart
  • RES 3: $45.86 - 50.0% retracement of the Jan - Apr sell-off
  • RES 2: $44.89 - High Jul 21 and the bull trigger
  • RES 1: $43.95 - High Jul 29
  • PRICE: $43.15 @ 06:52 BST Jul 31
  • SUP 1: $41.38 - Low Jul 30
  • SUP 2: $39.70 - Low Jun 25
  • SUP 3: $37.29 - Low Jun 12 and a reversal trigger
  • SUP 4: $35.33 - Low May 29

Brent futures traded sharply lower yesterday but found support at $41.38. This level represents an important pivot point. A break would reinforce the potential bearish significance of yesterday's sell-off and set the scene for a deeper pullback that would expose $39.70, Jun 26 low, an important reversal trigger too. While $41.38 holds, the focus is on whether key resistance at $44.89 will be breached to resume the uptrend.

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