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(V2) Watching Resistance

BRENT TECHS
  • RES 4: $106.50 - High Jul 29 and a key resistance
  • RES 3: $102.41 - High Aug 2 / 3
  • RES 2: $100.21/38 - 50-day EMA / High Aug 12
  • RES 1: $97.88 High Aug 19
  • PRICE: $97.15 @ 06:51 BST Aug 23
  • 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 remain vulnerable and are trading in a volatile manner. A key short-term resistance has been defined at $100.38, Aug 12 high and the 50-day EMA intersects just below at $100.21. Attention is on support at $91.22, Jul 14 low. A break would confirm a resumption of the broader downtrend and strengthen bearish conditions. Clearance of $100.21/38 is required to highlight a reversal.

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