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(V1) Eyeing Key Support

BRENT TECHS
  • RES 4: $75.80 - High Jul 6 and key resistance
  • RES 3: $75.65 - High Jul 30
  • RES 2: $73.55 - High Aug 3
  • RES 1: $71.90 - High Aug 12
  • PRICE: $69.43 @ 06:56 BST Aug 17
  • SUP 1: $67.60 - Low Aug 9
  • SUP 2: $66.91 - Jul 20 low and bear trigger
  • SUP 3: $65.75 - Low May 24
  • SUP 4: $63.89 - Low May 21

Brent futures remain in a broad corrective bearish cycle and attention is on the key support that has been defined 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 be positive.

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