(V20): Dip Buying Keeps Range Restricted

• RES 4: $48.82 - Low Mar 2
• RES 3: $46.68 - Low Mar 6 and gap high on the daily chart
• RES 2: $46.37 - 50.0% retracement of the Jan - Apr sell-off
• RES 1: $46.23 - High Aug 5
• PRICE: $45.01 @ 08:00 BST Aug 14
• 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

Brent futures remain inside a range, with the markets' penchant for dip buying keeping directional parameters intact. The Aug 5 high at 46.23 remains the first upside target. Having edged above the bull triggers at the Jul 21 / 23 highs mid-last week, Brent has raised the likelihood of a test of the Fib resistance at 46.37 (the 50% retracement of the Jan-Apr sell-off). If markets fail ahead of this mark, the outlook will remain more neutral. A break through pivot support at 41.72 would worsen the outlook materially and set the scene for a deeper pullback.