BRENT TECHS: (H20): Remains Vulnerable Near-Term.....>

BRENT TECHS: (H20): Remains Vulnerable Near-Term

*RES 4: $69.00 - 61.8% retracement of the Jan 8 - Jan 9 sell-off

*RES 3: $68.15 - 50.0% retracement of the Jan 8 - Jan 9 sell-off

*RES 2: $67.31 - 38.2% retracement of the Jan 8 - Jan 9 sell-off

*RES 1: $66.10 - High Jan 9

*PRICE: $65.09 @ 06:44 GMT Jan 13

*SUP 1: $64.46 - Low Jan 9

*SUP 2: $64.24 - Low Dec 17

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

*SUP 4: $62.16 - Low Nov 12

BRENT is trading at the lower end of last week's range following a volatile

week. Futures traded sharply lower off $71.75, Jan 8 high and breached support

at $65.63, Dec 31 low to effectively suggest a top has been put in place for

now. The technical picture signals scope for a deeper pullback near-term. A

break of last week low at $64.56 would open $63.32, a retracement level. Initial

resistance is at $66.10.