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(U3) Heading North

BRENT TECHS
  • RES 4: $86.76 - High Jan 23
  • RES 3: $86.20 - High Jan 27
  • RES 2: $85.47 - High Apr 12 / 13 and a key resistance
  • RES 1: $84.50 - High Jul 27
  • PRICE: $83.91 @ 06:57 BST Jul 28
  • SUP 1: $79.96/78.19 - 20-day EMA / 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 traded high yesterday. The contract remains in an uptrend and this week’s gains have confirmed a resumption of the trend. Note that moving average studies are in bull-mode position highlighting a positive cycle. The contract has cleared all major short-term resistance points and sights are on $85.47, the Apr 12 high. Initial key short-term support has been defined at $78.19, the Jul 18 low.

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