(U4) Bulls Remain In The Driver’s Seat

• 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: $86.66 @ 07:02 BST Jul 3
• SUP 1: $83.15 - 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 traded to a fresh short-term cycle high yesterday. Price gains maintain the current bullish sequence of higher highs and higher lows, signalling scope for a climb 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. On the downside, initial support to watch is $83.15, the 50-day EMA.