(U4) Trades Through The 50-Day EMA

• 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: $87.95 - High Jul 5
• PRICE: $83.57 @ 07:09 BST Jul 17
• SUP 1: $82.31 - 50.0% retracement of the Jun 4 - Jul 5 bull leg
• SUP 2: $79.32 - 76.4% retracement of the Jun 4 - Jul 5 bull leg
• SUP 3: $76.66 - Low Jun 4 and a key support
• SUP 4: $75.31 - Low Feb 5

The trend condition in Brent futures remains bullish, however, a corrective cycle is in play and the contract has traded lower this week. Price has pierced support at $83.91, the 50-day EMA. A clear break of the average would signal scope for an extension towards $82.31, a Fibonacci retracement. On the upside, a reversal would signal the end of the corrective cycle and refocus attention on key short-term resistance at $87.95, the Jul 5 high.