BRENT TECHS: (J20): Stalled At The 38.2%.............>

BRENT TECHS: (J20): Stalled At The 38.2% Retracement

*RES 4: $64.16 - 61.8% retracement of the Jan 8 - Feb 10 decline

*RES 3: $62.05 - 50% retracement of the Jan 8 - Feb 10 decline

*RES 2: $59.94/00 - 38.2% retracement / High Feb 20

*RES 1: $57.86 - Intraday high

*PRICE: $56.82 @ 08:29 GMT Feb 24

*SUP 1: $56.30 - Low Feb 18

*SUP 2: $54.96 - Low Feb 13

*SUP 3: $53.11 - Low Feb 10 and key support

*SUP 4: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally

Brent stalled last week at $60.00 and has edged lower again so far today. The

failure at $60.00 also marks a failure at the 38.2% retracement of the Jan 8 -

Feb 10 decline at $59.94. For now, the move lower is being viewed as a

correction. The next support lies at $56.30, Feb 18 low. An ability to hold

above this level would resume attention of gains and the bull trigger at $60.00.

A break lower though would allow for a deeper pullback towards $55.00.