BRENT TECHS: (V5) Still Looking For Weakness

• RES 4: 175.43 High Jul 11 ‘24 and a key medium-term resistance  
• RES 3: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 2: 173.43 High Jul 12 ‘24
• RES 1: 173.24 High Jul 15
• PRICE: 172.31 @ 07:15 BST Jul 21
• SUP 1: 171.84  Low Jul 16  
• SUP 2: 170.67 20-day EMA 
• SUP 3: 169.32 Low Jul 3   
• SUP 4: 167.90 50-day EMA   

A bull cycle in EURJPY remains firmly in place and fresh cycle highs last week reinforce current conditions. A price sequence of higher highs and higher lows highlights a dominant uptrend and note that moving average studies are in a bull-mode position. Sights are on 173.43, the Jul 12 ‘24 high. Support to watch lies at 170.67, the 20-day EMA. A move below this average would signal scope for a corrective pullback.

A bid seen in EGB & Stoxx futures, no clear driver at this stage.

• RES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
• RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing 
• RES 2: 122.00 Round number resistance
• RES 1: 120.50/121.73 20-day EMA / High Jun 13 and the bull trigger
• PRICE: 120.22 @ Close Jul 18
• SUP 1: 119.84 Low Jul 14        
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The primary trend condition in BTP futures is unchanged, it remains bullish. However, a corrective cycle has resulted in a breach of support at 120.09, the Jul 23 low. The break signals scope for a deeper retracement, potentially towards 118.87, the May 21 low. On the upside, key resistance and the bull trigger has been defined at 121.73, the Jun 13 high. Initial resistance to watch is 120.50, the 20-day EMA.