BRENT CRUDE WEEKLY CHART - CONTINUATION:

The Key Reversal Week was seen just ahead of the long term 50% recovery level.

In common with other oil markets (Gasoil, NYMEX Light Crude, Heating Oil) initial support has come from the 23.6% retracement on the continuation chart, with break below to be the next bear sign.

Note how the lower 38.2% pullback level lies near to the Feb low - the starting point for a final move sometimes ends up coinciding with the 38.2% level...

BRENT CRUDE DAILY CHART - JUL-10:

Initial support for the sell-off came from this year's 61.8% pullback level, although more key is currently the 75.35 76.4% area, where a bull channel base projection also passes through - a break of this would be a negative momentum signal.

This would come on top of a break of the 77.00 23.6% area on the Weekly chart, reinforcing a growing negative picture.