(U3) Still Looking For Weakness

• 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: $74.91 @ 05:57 BST Jul 4
• 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)

Despite recent gains, a bearish threat in Brent futures remains present and short-term gains are considered corrective. A resumption of weakness would open $71.00, the May 4 low, ahead of $69.95, the Mar 20 low. Moving average studies remain in a bear mode position and this highlights a downtrend. On the upside, clearance of $78.47, Jun 5 high, would alter the picture and signal a reversal. Initial firm resistance is $77.25, the Jun 21 high.