(V2) Approaching The Bear Trigger

• RES 4: $112.92 - High Jun 29
• RES 3: $110.72 - High Jul 5
• RES 2: $106.50 - High Jul 29 and a key resistance
• RES 1: $100.38/96 - High Aug 12 / 50-day EMA
• PRICE: $92.80 @ 06:30 BST Aug 17
• SUP 1: $91.22 - Low Jul 14 and the bear trigger
• SUP 2: $90.00 - Round number support
• SUP 3: $88.31 - Low Mar 9 and a key support
• SUP 4: $85.88 - Low Feb 25

Brent futures started the week on a softer note and the contract traded lower again Tuesday. The move lower has defined a key short-term resistance at $100.38, Aug 12 high, ahead of the 50-day EMA which intersects at $100.96. Attention is on support at $91.22, the Jul 14 low. A break would confirm a resumption of the broader downtrend and strengthen bearish conditions. Clearance of $100.38/96 is required to highlight a possible reversal.