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Pierces Key Support


Corrective Cycle Extends

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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.

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