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(U3) Approaching Resistance

BRENT TECHS
  • RES 4: $84.02 - High Apr 18
  • RES 3: $82.00 - High Apr 24 / 25
  • RES 2: $79.61 - High Apr 12
  • RES 1: $77.25/78.47 - High Jun 21 / 5 and a bull trigger
  • PRICE: $76.94 @ 06:57 BST Jul 7
  • SUP 1: $71.43 - Low May 31
  • SUP 2: $71.00 - Low May 4
  • SUP 3: $69.95 - Low Mar 20 and a key support
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

A short-term bullish theme in Brent futures remains in play, however, recent gains are considered corrective. Initial firm resistance to watch is $77.25, the Jun 21 high. Clearance of this level would expose $78.47, the Jun 5 high. A move above $78.47 would highlight a stronger reversal. On the downside, a resumption of weakness would expose $71.00, the May 4 low, ahead of $69.95, the Mar 20 low.

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