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(V2) Bearish Threat Remains Present

BRENT TECHS
  • 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: $99.92/102.43 - 20- and 50-day EMA
  • PRICE: $95.69 @ 06:53 BST Aug 8
  • SUP 1: $92.78 - Low Aug 5
  • SUP 2: $91.22 - Low Jul 14 and the bear trigger
  • SUP 3: $90.00 - Round number support
  • SUP 4: $88.31 - Low Mar 9 and a key support

Brent futures traded lower last week, extending the pullback from $106.50, the Jul 29 high. The outlook appears bearish following the recent failure to hold on to gains above the 50-day EMA - a key pivot resistance. The EMA intersects at $102.43. Price has cleared $96.70 support, the Jul 25 low. This exposes $91.22, the Jul 14 low. Key resistance has been defined at $106.50. A break is required to reinstate a bullish focus.

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  • 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: $99.92/102.43 - 20- and 50-day EMA
  • PRICE: $95.69 @ 06:53 BST Aug 8
  • SUP 1: $92.78 - Low Aug 5
  • SUP 2: $91.22 - Low Jul 14 and the bear trigger
  • SUP 3: $90.00 - Round number support
  • SUP 4: $88.31 - Low Mar 9 and a key support

Brent futures traded lower last week, extending the pullback from $106.50, the Jul 29 high. The outlook appears bearish following the recent failure to hold on to gains above the 50-day EMA - a key pivot resistance. The EMA intersects at $102.43. Price has cleared $96.70 support, the Jul 25 low. This exposes $91.22, the Jul 14 low. Key resistance has been defined at $106.50. A break is required to reinstate a bullish focus.