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BRENT TECHS: (J20): Fresh Trend Low *RES 4: $63.81...>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (J20): Fresh Trend Low
*RES 4: $63.81 - High Jan 22
*RES 3: $61.92 - High Jan 23
*RES 2: $59.84 - High Jan 29 and key near-term resistance
*RES 1: $56.58 - High Feb 6
*PRICE: $54.50 @ 06:45 GMT Feb 10
*SUP 1: $53.63 - Intraday low
*SUP 2: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $50.00 - Round number support
*SUP 4: $48.49 - 138.2% retracement projection of the Oct 3 - Jan 8 rally
BRENT registered a fresh trend low overnight at 53.63 but has since bounced off
the low. A downtrend remains firmly intact following this year's sharp decline.
The break lower overnight confirms a resumption of the downtrend and paves the
way for weakness towards $50.87 next, a Fibonacci retracement projection. On the
upside, resistance has been defined at $56.58, Feb 6 high where a break is
required suggest a near-term base.

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