(X2) Bearish Outlook

• RES 4: $107.30 - High Jul 5
• RES 3: $103.86 - High Jul 29 and key resistance
• RES 2: $95.55 - 50-day EMA
• RES 1: $93.50 - High Sep 21
• PRICE: $90.36 @ 06:59 BST Sep 22
• SUP 1: $88.50/87.24 - Low Sep 19 / 8 and the bear trigger
• SUP 2: $86.54 - Low Mar 9 and a key support
• SUP 3: $82.59 - 1.618 proj of the Jul 29 - Aug 17 - 30 price swing
• SUP 4: $80.71 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing

The outlook in Brent futures remains bearish and the contract found resistance at yesterday’s intraday high - short-term gains are considered corrective. The recent break of $89.06, Jul 14 low and a bear trigger highlights a continuation of the broader downtrend that started early June. A resumption of weakness would open $86.54, the Mar 9 low. Firm resistance is seen at the 50-day EMA which intersects at $95.55.