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(X20): Extends Its Move Lower

BRENT TECHS
  • RES 4: $46.61 - High Aug 5 and the bull trigger
  • RES 3: $46.05 - High Sep 2
  • RES 2: $44.65/94.18 High Sep 3 / 20-day EMA
  • RES 1: $42.432 Intraday high
  • PRICE: $41.97 @ 06:54 BST Sep 7
  • SUP 1: $41.51 - Intraday low
  • SUP 2: $40.22 - Low Jun 25
  • SUP 3: $40.00 - Round number support
  • SUP 4: $36.97 - 50.0% retracement of the Apr - Aug rally

Brent futures remain heavy and have traded lower again today, extending the pullback from $46.54, Aug 26 high. Last week saw the contract clear $44.17, Aug 21 low. The break has confirmed a S/T top and today price has traded through $42.10, Jul 30 low reinforcing bearish conditions. Note, the recent break lower has also confirmed a breach of the 50-day EMA. Attention is on $40.22 next, the Jun 25 low. Initial resistance is at $44.65, Sep 3 high.

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