(U3) Bullish Outlook

• RES 4: $86.20 - High Jan 27
• RES 3: $85.47 - High Apr 12 / 13 and a key resistance
• RES 2: $83.77 - High Apr 19
• RES 1: $81.75/82.06 - High Jul 13 / 76.4% of Apr 12 - May 4 downleg
• PRICE: $80.83 @ 07:03 BST Jul 24
• SUP 1: $78.19 - Low Jul 18 and key support
• SUP 2: $75.03/71.43 - Low May 31
• SUP 3: $71.00 - Low Jul 6 / May 4
• SUP 4: $69.95 - Low Mar 20 and a key support

Brent futures remain in an uptrend and the recent shallow pullback appears to have been a correction. Moving average studies are in a bull-mode position highlighting an uptrend. Attention is on the bull trigger $81.75, the Jul 13 high. A break would confirm a resumption of the uptrend and expose $82.06, a Fibonacci retracement. Initial key short-term support has been defined at $78.19, the Jul 18 low.