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(V1) Through Key Support

BRENT TECHS
  • RES 4: $75.65 - High Jul 30
  • RES 3: $73.55 - High Aug 3
  • RES 2: $71.90 - High Aug 12 and a key resistance
  • RES 1: $68.14/70.04 - Low Aug 16 / High Aug 18
  • PRICE: $66.67 @ 07:04 BST Aug 20
  • SUP 1: $65.57 - Low Aug 19
  • SUP 2: $63.89 - Low May 21 and a key s
  • SUP 3: $63.43 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 4: $62.71 - Low Apr 22

Brent futures remain weak. The contract has cleared key former support at $66.91, Jul 20 low. The breach of this bear trigger strengthens a bearish case and signals scope for a deeper retracement. Moving average studies remain in bull mode, just though and a switch would highlight a stronger bearish threat. The focus is on $63.89, May 21 low. Initial resistance to watch is $70.04, Aug 18 high.

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