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(V1) Sharp Reversal Extends

BRENT TECHS
  • RES 4: $75.65 - High Jul 30
  • RES 3: $74.50 - Bear channel top drawn off the Jul 6 high
  • RES 2: $73.55 - High Aug 3
  • RES 1: $72.42 - High Aug 25
  • PRICE: $71.79 @ 06:35 BST Aug 26
  • SUP 1: $70.29/$68.53 - 20-day EMA / Low Aug 24
  • SUP 2: $64.60 - Low Aug 23
  • SUP 3: $63.89 - Low May 21 and a key support
  • SUP 4: $63.43 - 1.236 proj of the Jul 6 - 20 - 30 price swing

Brent futures rallied Monday and bulls have not looked back. The recovery this week has defined a key short-term support at $64.60, Aug 23 low where a break is required to reinstate a bearish theme. Short-term, the outlook remains bullish and Monday's price pattern was a bullish engulfing candle. Further gains would open $73.55, the Aug 3 high ahead of $74.44, a bear channel top drawn off the Jul 6 high.

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