BRENT TECHS: (H20): Consolidating But Remains........>

BRENT TECHS: (H20): Consolidating But Remains Vulnerable

*RES 4: $67.65 - 50.0% retracement of the Jan 8 - Jan 15 sell-off

*RES 3: $66.68 - 38.2% retracement of the Jan 8 - Jan 15 sell-off

*RES 2: $66.10 - High Jan 9

*RES 1: $65.27 - High Jan 13

*PRICE: $64.59 @ 06:13 GMT Jan 17

*SUP 1: $63.55 - Low Jan 15

*SUP 2: $63.32 - 50% retracement of the Oct 3 - Jan 8 rally

*SUP 3: $62.16 - Low Nov 12

*SUP 4: $61.32 - 61.8% retracement of the Oct 3 - Jan 8 rally

BRENT is consolidating but remains vulnerable. Futures are still seen likely to

move lower following the sharp sell-off on Jan 8. This resulted in a break of

support at $65.63, Dec 31 low effectively signalling a top in the recent Oct 3 -

Jan 8 uptrend. Momentum studies are pointing south too reinforcing current

conditions. With the technical picture still bearish, attention is on $63.32, a

retracement level. On the upside, resistance is seen at $66.10.