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BRENT TECHS: (F20): Focus Is On Trendline Support
*RES 4: $63.96 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 3: $63.49 - High Sep 19
*RES 2: $62.36 - 50.0% retracement of Sep 16 - Oct 3 decline
*RES 1: $62.09 - High Oct 29
*PRICE: $60.42 @ 06:30 BST Oct 31
*SUP 1: $60.02 - Low Oct 30
*SUP 2: $59.58 - Trendline support drawn off Oct 3 low
*SUP 3: $58.67 - Low Oct 23
*SUP 4: $57.97 - Low Oct 21
BRENT failed to hold onto gains and traded lower yesterday breaching support at
$60.31. The move lower exposes trendline support drawn off Sep 3 low that
intersects at $59.58 today. A break of the line would signal scope for a deeper
pullback towards support at $57.97, Oct 21 low. While the trendline holds, the
uptrend since Oct 3 does arguably remain intact. However a break of resistance
at $62.09, Monday's high is needed to confirm a resumption of the upleg.