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(X1) Stalls At Bear Channel Resistance

BRENT TECHS
  • RES 4: $75.20 - High Jul 6 and the bull trigger
  • RES 3: $75.13 - High Jul 14
  • RES 2: $74.84 - High Jul 30
  • RES 1: $73.35/69 - Bear channel top drawn off Jul 6 high / High Sep 3
  • PRICE: $71.77 @ 07:45 BST Sep 6
  • SUP 1: $70.42 - Low Sep 1
  • SUP 2: $69.77/$68.13 - Low Aug 26 / Low Aug 24
  • SUP 3: $64.20 - Low Aug 23
  • SUP 4: $63.54 - Low May 21 and a key support

Brent futures stalled at $73.69 Friday. The high was just above an important resistance at the bear channel top drawn off the Jul 6 high. $73.69 has been defined as a key short-term resistance where a break is required to confirm a resumption of recent gains. This would open $74.84, the Jul 30 high. On the downside, watch support at $70.42 initially, the Sep 1 low. A break would suggest scope for a deeper pullback ahead $69.77, Aug 26 low.

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