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BRENT TECHS: ICE BRENT(X19): Trading within a........>

BRENT TECHS: ICE BRENT(X19): Trading within a triangle
*RES 4: $62.29 - High Aug 3
*RES 3: $61.58 - Trendline resistance drawn off the Jul 12 high
*RES 2: $61.13 - High Aug 14 and key resistance
*RES 1: $60.94/95 - High Aug 22 / 50-day EMA
*PRICE: $58.63 @ 06:21 BST Sep 3
*SUP 1: $58.10 - Low Sep 2
*SUP 2: $57.74 - Low Aug 26
*SUP 3: $57.29 - Low Aug 15 and key near-term support
*SUP 4: $55.59 - Low Aug 7 and key bear trigger
Brent failed to hold onto its highs Friday stalling ahead of the 50-day EMA at
61.05. A triangle formation has developed since the Aug 14 high. This reinforces
the importance of $61.13 and $57.29 as directional triggers. Clearance of
$61.13, the Aug 14 high would also confirm a break above the 50-day EMA and the
Aug 22 high of $60.94, clearing the way for a test of trendline resistance at
$61.58. On the downside, sub $57.29 would open $55.59, the key Aug 8 low.

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