BRENT TECHS: ICE BRENT(U19): Bull flag formation.....>

BRENT TECHS: ICE BRENT(U19): Bull flag formation intact

*RES 4: $69.88 - 76.4% retracement of the Apr 25-Jun 5 decline

*RES 3: $69.10 - High May 23

*RES 2: $68.28 - High May 28

*RES 1: $67.65/69 - High July 11 / 61.8% of the Apr 25-Jun 5 decline

*PRICE: $66.51 @ 06:11 BST Jul 16

*SUP 1: $66.11 - Low Jul 15

*SUP 2: $66.00 - Round number support

*SUP 3: $64.63 - Low Jul 10

*SUP 4: $64.32 - Trendline support drawn off the low of Jun 18

Brent maintains a bullish tone following last Wednesday's confirmed resumption

of the uptrend that began in early Jun. The move above former resistance at

66.75 brings into focus the 61.8% retracement level at 67.69. Clearance of this

objective would open 69.10, the high of May 23 ahead of the 76.4% retracement at

69.88. The past few days' activity has taken on the appearance of a bull flag

formation, a continuation pattern. On the downside, 64.63 supports.