BRENT TECHS: (N19): 200-DMA Becomes Resistance.......>

BRENT TECHS: (N19): 200-DMA Becomes Resistance

*RES 4: $74.75 - High Apr 25 

*RES 3: $73.40 - High May 16 

*RES 2: $71.00 - 21-dma 

*RES 1: $68.70 - 200-dma 

*PRICE: $68.51 @ 03:59 GMT May 24 

*SUP 1: $67.02 - Low May 23 

*SUP 2: $65.59 - Low March 28 

*SUP 3: $63.91 - Low March 8 

*SUP 4: $63.00 - 50% retracement of Dec-April rally

Brent futures posted their worst down day of the year yesterday taking out the

200-dma and posting as low at $67.02. Despite the bounce off the lows the

downside focus remains with bears looking to take out yesterday's low to open

the March 28 low down at $65.59. Below here would open the March 8 low at $63.91

ahead of the 50% retracement at $63.00. Bulls need to close back above the

200-dma at $68.70 to stabilise the outlook and target the 21-dma at $71.00.