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(V3) Northbound

BRENT TECHS
  • 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: $85.75 @ 06:59 BST Aug 2
  • SUP 1: $81.06/78.10 - 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 remain in an uptrend and the contract is holding on to its latest gains. $84.79, the Apr 12 high and a key resistance, has been cleared 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 $81.06, the 20-day EMA. The trend condition is overbought, a short-term pullback would be considered corrective.

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