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(V1) Rebound Levels Off

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: $70.90 @ 16:28 BST Aug 13
  • SUP 1: $70.73 - 2.0% 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 held the recent range Friday, but provided few fresh technical signals. This flattens off the recovery from the Monday low, but the move below the 50-day EMA in recent weeks 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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