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(V1) Approaching Key Support

BRENT TECHS
  • RES 4: $75.65 - High Jul 30
  • RES 3: $73.55 - High Aug 3
  • RES 2: $71.90 - High Aug 12 and a key resistance
  • RES 1: $70.04 - High Aug 18
  • PRICE: $67.29 @ 06:50 BST Aug 19
  • SUP 1: $66.91 - Jul 20 low and bear trigger
  • SUP 2: $65.75 - Low May 24
  • SUP 3: $63.89 - Low May 21
  • SUP 4: $63.43 1.236 proj of the Jul 6 - 20 - 30 price swing

Brent futures are weaker and remain in a broad bearish corrective cycle. Attention is the key support that at $66.91, Jul 20 low. A break of this bear trigger is required to strengthen a bearish case and signal scope for a deeper retracement. Moving average studies remain in bull mode, just though and a switch would highlight a stronger bearish threat. Initial resistance to watch is $71.90, Aug 12 high. A break would ease bearish concerns.

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