BRENT TECHS: (M20): Softer But Still Consolidating...>

BRENT TECHS: (M20): Softer But Still Consolidating

*RES 4: $24.85 - 1.00 projection of $16.71 - $22.45 from $19.91 low

*RES 3: $24.52 - Apr 1 low and recent breakout point

*RES 2: $23.91 - 0.618 projection of $16.71 - $22.45 from $19.91 low

*RES 1: $23.22 - High Apr 23

*PRICE: $20.65 @ 06:46 BST Apr 27

*SUP 1: $20.50 - Low Apr 24

*SUP 2: $20.07/19.91 - Low Apr 23 / Intraday hourly reaction low Apr 22

*SUP 3: $17.47 - Intraday hourly reaction low Apr 22

*SUP 4: $15.98 - Low Apr 22 and key support

Brent is weaker this morning however from a directional perspective, futures

continues to consolidate. Initial support is $20.50, Apr 24 low although a more

important short-term area lies at the $20.07-19.91 zone, Apr 23 low and an

hourly reaction low on Apr 22. A break of this latter zone is required to signal

scope for a resumption of bearish pressure and once again open $15.98, Apr 22

low. Key resistance for now is at $23.22, Apr 23 high.