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(V1) Clears All Key Retracement Levels

BRENT TECHS
  • RES 4: $78.03 - High Oct 29, 2018 (cont)
  • RES 3: $76.80 - High Jul 6 and the bull trigger
  • RES 2: $75.92 - High Jul 14
  • RES 1: $75.15 - High Jul 29
  • PRICE: $74.44 @ 06:47 BST Jul 30
  • SUP 1: $71.62 50-day EMA
  • SUP 2: $71.11 Low Jul 22
  • SUP 3: $66.91/43 - Low Jul 20 and the bear trigger
  • SUP 4: $65.75 - Low May 24

Brent futures remain firm. Price has recently cleared $74.47, the 76.4% retracement of the Jul 6 - 20 downleg. The breach of this level strengthens the short-term bullish case, signalling scope for further upside and opens the key resistance at $76.80, Jul 6 high. A break of this hurdle would confirm a resumption of the broader uptrend. A reversal lower is required to refocus attention on $66.91, Jul 20 low and key support

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