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(U3) Holding On To Its Recent Gains

BRENT TECHS
  • RES 4: $82.06 - 76.4% retracement of the Apr 12 - May 4 downleg
  • RES 3: $80.58 - High Apr 26
  • RES 2: $79.94 - 61.8% retracement of the Apr 12 - May 4 downleg
  • RES 1: $78.77 - High Jul 10
  • PRICE: $78.03 @ 06:57 BST Jul 11
  • SUP 1: $75.03/71.43 - Low May 31
  • SUP 2: $71.00 - Low Jul 6 / May 4
  • SUP 3: $69.95 - Low Mar 20 and a key support
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

Brent futures traded higher again Monday, extending the recovery from $71.86, the Jun 28 low, before pulling back. The contract has pierced resistance at $78.47, the Jun 5 high. A clear break of this hurdle would strengthen bullish conditions and signal scope for a climb towards $79.94, a Fibonacci retracement. Key near-term support has been defined at $75.03, the Jul 6 low. A break of this level is required to signal a possible top.

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