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(V2) Key Support Still Intact

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: $101.57 - 50-day EMA
  • PRICE: $97.09 @ 07:00 BST Aug 15
  • 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 higher late last week and breached the 20-day EMA. This signals scope for a stronger short-term recovery near-term, potentially towards the 50-day EMA at $101.57. On the downside, futures have pulled away from Friday’s session high. A deeper retracement would expose support at $92.78, Aug 5 low and the key support at $91.22, Jul 14 low. A break of $91.22 would confirm a resumption of the downtrend.

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