BRENT TECHS: (V5) Biased Lower

• RES 4: 6402.44 1.382 proj of the May 23 - Jun 11 - 23 price swing
• RES 3: 6381.00 1.764 proj of the Apr 7 - 10 - 21 price swing 
• RES 2: 6356.12 1.236 proj of the May 23 - Jun 11 - 23 price swing
• RES 1: 6335.75 Intraday high    
• PRICE: 6331.25 @ 07:23 BST Jul 15  
• SUP 1: 6246.25 Low Jul 7  
• SUP 2: 6211.67/6064.44 20- and 50-day EMA values   
• SUP 3: 5811.50 Low May 23 
• SUP 4: 5645.75 Low May 7 

The trend condition in S&P E-Minis remains bullish and the contract is trading at its recent highs. Recent activity has resulted in a break of resistance at 6128.75, the Jun 11 high. The breach confirmed a resumption of the uptrend that started Apr 7. This was followed by a break of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a Fibonacci projection. Key support is at the 50-day EMA, at 6064.44.

• RES 4: $82.62 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $80.43 - 2.764 proj of the Apr 9 - 23 - May 5 price swing 
• RES 2: $80.00 - Psychological round number
• RES 1: $71.20/78.40 - 50.0% of the Jun 23-24 range / High Jun 23  
• PRICE: $66.65 @ 07:19 BST Jul 15 
• SUP 1: $65.46/64.00 - 50-day EMA / Low Jun 24 
• SUP 2: $58.87 - Low May 30
• SUP 3: $54.81 - Low May 5
• SUP 4: $54.13 - Low Apr 9 and a key support  

WTI futures maintain a bearish tone following the reversal from the Jun 23 high, and recent gains still appear corrective. Support to watch is the 50-day EMA, at $65.46. The average has been pierced, a clear break of it would signal scope for a deeper retracement. This would expose $58.87, the May 30 low. Initial resistance to monitor is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. Key resistance is at $78.40, the Jun 23 high.

• RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 3: $3500.1 - High Apr 22 and bull trigger
• RES 2: $3395.1/3451.3 - High Jun 23 / 16  
• RES 1: $3375.0 - High Jul 14           
• PRICE: $3360.6 @ 07:26 BST Jul 15 
• SUP 1: $3282.8/3248.7 - Low Jul 9 / Low Jun 30 and the bear trigger 
• SUP 2: $3204.7 - Low May 20
• SUP 3: $3121.0 - Low May 15 and key support
• SUP 4: $3085.0 - 76.4% retracement of the Apr 7 - 22 bull leg  

A bull cycle in Gold that started Jun 30, remains intact and the yellow metal is holding on to its recent gains. Note that medium-term trend conditions are bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. An extension would expose $3395.1, the Jun 23 high, and $3451.3, the Jun 16 high. On the downside, the bear trigger is $3248.7, the Jun 30 low. First support to watch is 3282.8, the Jul 9 low.