(V3) Bulls Remain In The Driver’s Seat

• RES 4: $92.10 - 1.50 proj of the Jun 28 - Jul 13 - Jul 18 price swing
• RES 3: $90.63 - High Nov 11 2022 (cont)
• RES 2: $90.00 - Psychological round number
• RES 1: $86.18 - High Jan 23 and a key resistance
• PRICE: $85.29 @ 06:57 BST Aug 4
• SUP 1: $81.63/78.10 - 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 faced resistance Wednesday and this resulted in a sharp pullback from the day high of $85.99. Yesterday’s rally has retraced most of the sell-off. A move lower is, for now, considered corrective. A deeper pullback would allow an overbought trend condition to unwind. The next key support lies at $81.63, the 20-day EMA. A resumption of gains and a break of $85.99, would resume the uptrend and open $86.18, the Jan 23 high.