BRENT TECHS: (J20): Still Heavy *RES 4: $63.81 -.....>

BRENT TECHS: (J20): Still Heavy

*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: $56.77 - High Feb 3

*PRICE: $54.52 @ 06:23 GMT Feb 5

*SUP 1: $53.69 - Low Feb 4

*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 was weaker again yesterday and remains heavy. A bearish outlook still

dominates following January's sharp slide. Last week's breach of former support

at $57.74, Jan 27 low confirmed a resumption of the downtrend. Furthermore,

we've yet to see a meaningful correction unfold as bearish conditions dominate.

This also reinforces current conditions. Attention is on $50.87 now that the Oct

3 low of $54.71 and major support has been cleared.