BRENT TECHS: ICE BRENT(X19): Triangle formation......>

BRENT TECHS: ICE BRENT(X19): Triangle formation

*RES 4: $62.29 - High Aug 3

*RES 3: $61.76 - Trendline resistance drawn off the Jul 12 high

*RES 2: $61.13 - High Aug 14 and key resistance

*RES 1: $60.94/61.05 - High Aug 22 / 50-day EMA

*PRICE: $59.13 @ 07:15 BST Sep 2

*SUP 1: $58.45 - Low Aug 30

*SUP 2: $57.74 - Low Aug 26 and key near-term support

*SUP 3: $57.29 - Low Aug 15

*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

$61.76. On the downside, sub $57.29 would open $55.59, the key Aug 8 low.