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(V1) Rebound Levels Off

  • 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: $70.27 @ 16:33 BST Aug 11
  • SUP 1: $68.83 - 5.0% 10-dma envelope
  • SUP 2: $67.60 - Low Aug 05
  • SUP 3: $66.91 - Jul 20 low and Bear trigger
  • SUP 4: $65.75 - Low May 24

Brent futures traded inside the Tuesday range on Wednesday, flattening off the recovery off the Monday low. The move below the 50-day EMA last week looks convincing, with support now exposed at $66.91. To resume any incline, bulls need to again take out $74.47, the 76.4% retracement of the Jul 6 - 20 downleg. A break and close back above here opens key resistance at $76.80, Jul 6 high.

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