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(U4) Bullish Theme

BRENT TECHS
  • RES 4: $91.99 - 2.236 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $90.23 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $89.32 - High Apr 12 and the bull trigger
  • RES 1: $88.04 - High Apr 19
  • PRICE: $86.21 @ 07:04 BST Jul 8
  • SUP 1: $83.59 - 50-day EMA
  • SUP 2: $79.05/76.66 - Low Jun 7 / 4
  • SUP 3: $75.31 - Low Feb 5
  • SUP 4: $73.37 - Low Dec 13 and a key support

The trend condition in Brent futures remains bullish and the contract is holding on to the bulk of its recent gains. Fresh gains last week maintain the current bullish sequence of higher highs and higher lows, signalling scope for an extension towards $89.32, the Apr 12 high and a key resistance. Clearance of this level would be seen as an important medium-term bullish development. Initial firm support to watch is $83.59, the 50-day EMA.

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