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(X20): Monitoring A Bearish Threat

BRENT TECHS
  • RES 4: $48.97 - Low Mar 2
  • RES 3: $47.03 - Low Mar 6 and gap high on the daily chart
  • RES 2: $46.74 - 50.0% retracement of the Jan - Apr sell-off
  • RES 1: $46.61 - High Aug 5 and the bull trigger
  • PRICE: $45.65 @ 06:14 BST Aug 25
  • SUP 1: $44.17 - Low Aug 21 and the intraday beari trigger
  • SUP 2: $42.10 - Low Jul 30 and and the reversal trigger
  • SUP 3: $40.22 - Low Jun 25
  • SUP 4: $37.94 - Low Jun 12

Brent futures traded higher yesterday and remain above Friday's low of $44.17. The trend has yet to reverse, however a bearish threat is being monitored. Weakness below Friday's low of $44.17, would signal scope for a deeper pullback and open $43.26, Jul 31 and Aug 3 low and potentially the major support at $42.10. On the upside, the key resistance to watch remains $46.61, Aug 5 high.

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