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(V3) Bull Cycle Extends

BRENT TECHS
  • RES 4: $90.63 - High Nov 11 2022 (cont)
  • RES 3: $90.00 - Psychological round number
  • RES 2: $86.18 - High Jan 23 and a key resistance
  • RES 1: $85.60 - High Jan 27
  • PRICE: $85.48 @ 14:53 BST Jul 31
  • SUP 1: $80.15/78.10 - 20-day EMA / Low Jul 18 and key support
  • SUP 2: $74.78 - Low Jul 6
  • SUP 3: $72.04 - Low Jun 28
  • SUP 4: $71.21 - Low My 31

Brent futures traded higher last week and have started this week on a firmer note. The contract has breached $84.79, the Apr 12 high and a key resistance. This strengthens bullish conditions and paves the way for a climb towards $86.18, the Jan 23 high. On the downside, the first key support to watch lies at $80.15, the 20-day EMA. The trend condition is overbought, a pullback would be considered corrective.

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