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(V2) Watching Resistance At The 50-Day EMA

BRENT TECHS
  • RES 4: $115.31- High Jun 17
  • RES 3: $112.92- High Jun 29 and a key resistance
  • RES 2: $110.72 - High Jul 5
  • RES 1: $104.20 - High Jul 28
  • PRICE: $101.92 @ 07:05 BST Jul 29
  • SUP 1: $96.70 - Low Jul 25
  • SUP 2: $94.37/91.22 - Low Jul 15 / 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 pierced the 50-day EMA, at $103.59, yesterday. A clear breach of this average would strengthen the case for bulls and signal scope for a climb towards $110.72, the Jul 5 high. Note too that a clear break higher would also highlight an inverted head and shoulders reversal on the daily chart. On the downside, support to watch lies at $96.70, the Jul 25 low. A break would be bearish.

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  • RES 4: $115.31- High Jun 17
  • RES 3: $112.92- High Jun 29 and a key resistance
  • RES 2: $110.72 - High Jul 5
  • RES 1: $104.20 - High Jul 28
  • PRICE: $101.92 @ 07:05 BST Jul 29
  • SUP 1: $96.70 - Low Jul 25
  • SUP 2: $94.37/91.22 - Low Jul 15 / 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 pierced the 50-day EMA, at $103.59, yesterday. A clear breach of this average would strengthen the case for bulls and signal scope for a climb towards $110.72, the Jul 5 high. Note too that a clear break higher would also highlight an inverted head and shoulders reversal on the daily chart. On the downside, support to watch lies at $96.70, the Jul 25 low. A break would be bearish.