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(U4) Continues To Appreciate

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: $86.89 @ 07:06 BST Jul 2
  • SUP 1: $83.02 - 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. This maintains the current bullish price 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 $83.02, the 50-day EMA.

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