(U3) More Neutral Theme

• 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: $82.06 - 76.4% retracement of the Apr 12 - May 4 downleg
• PRICE: $80.40 @ 08:44 BST Jul 21
• SUP 1: $77.79 - 20-day EMA
• 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

Prices pulled lower into last week’s close and have struck a more consolidative, neutral tone since. Previous strength appears to have paused, rather than reversed, meaning bullish conditions remain intact over the medium-term. Recent gains resulted in a move above resistance at $78.47, the Jun 5 high. The continuation higher signals scope for a climb towards $82.06, 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.