(V20): Bouncing Well Off Pivot Support

• RES 4: $46.68 - Low Mar 6 and gap high on the daily chart
• RES 3: $46.37 - 50.0% retracement of the Jan - Apr sell-off
• RES 2: $45.07 - High Jul 21 and the bull trigger
• RES 1: $44.29 - High Jul 29
• PRICE: $43.80 @ 06:37 BST Aug 4
• SUP 1: $41.72 - Low Jul 30 and pivot support
• SUP 2: $39.94 - Low Jun 25
• SUP 3: $37.59 - Low Jun 12 and a reversal trigger
• SUP 4: $35.87 - Low May 29

Following the acute volatility last Thursday, Brent futures have traded well, recovering swiftly from the support printed down at $41.72. This level represents an important pivot point. A break would reinforce the potential bearish significance of the mid-week sell-off and set the scene for a deeper pullback that would expose $39.94, Jun 25 low, an important reversal trigger too. While $41.72 holds, the focus is on whether key resistance at $45.07 will be breached to resume the uptrend.