BRENT TECHS: (H20): Downtrend Extends *RES 4:........>

BRENT TECHS: (H20): Downtrend Extends

*RES 4: $68.06 - 61.8% retracement of the Jan 8 - Jan 23 sell-off

*RES 3: $66.92 - 50.0% retracement of the Jan 8 - Jan 23 sell-off

*RES 2: $66.00 - High Jan 20 and key near-term resistance

*RES 1: $64.58 - High Jan 22

*PRICE: $62.18 @ 06:42 GMT Jan 23

*SUP 1: $62.16 - Low Nov 12

*SUP 2: $61.32 - 61.8% retracement of the Oct 3 - Jan 8 rally

*SUP 3: $59.59 - Dec 3 low

*SUP 4: $58.86 - 76.4% retracement of the Oct 3 - Jan 8 rally

BRENT remains weak and has traded lower again thus far today. The break of

$63.55 yesterday, Jan 15 low confirms a resumption of the downtrend that has

been in place since the sharp reversal off the Jan 8 high of $71.75. Further

weakness is seen likely with momentum studies also pointing south. With the

technical picture bearish, attention is on $61.32 next, a retracement level.

Firm resistance has been defined at $66.00, Jan 20 high.