BRENT TECHS: ICE BRENT(V19): Firmer this week but....>

BRENT TECHS: ICE BRENT(V19): Firmer this week but still bearish overall

*RES 4: $62.67/95 - Trendline resistance drawn off the Jul 11 high / High Aug 2

*RES 3: $61.55/78- 50-day EMA / 61.8% retracement of the Jul 31

*RES 2: $61.41/50 - High Aug 21 / High Aug 13 and key resistance

*RES 1: $61.00 - High Aug 28

*PRICE: $60.15 @ 06:06 BST Aug 29

*SUP 1: $58.24 - Low Aug 26

*SUP 2: $57.67 - Low Aug 15 and key near-term support

*SUP 3: $57.11 - Low Aug 9

*SUP 4: $55.88 - Low Aug 7 and key bear trigger

Brent remains bearish despite pushing higher this week. The rejection of the Aug

21 high of $61.41 and subsequent sell-off confirmed a number of bearish set-ups

that suggest an end to the corrective recovery between Aug 7 - Aug 13. These

were, a bearish shooting star (inverted hammer) candle on Aug 21, and the

failure to clear $61.50. The focus is on the $57.67, Aug 15 low where a break

would open $55.88. Gains above $61.50 would alter the technical picture.