BRENT TECHS: (N20): Bullish Outlook Remains In.......>

BRENT TECHS: (N20): Bullish Outlook Remains In Place

*RES 4: $38.31 - High Apr 2 and key resistance

*RES 3: $38.00 - High Apr 9

*RES 2: $36.50 - High Apr 13

*RES 1: $35.76 - Intraday high

*PRICE: $34.86 @ 06:51 BST May 19

*SUP 1: $32.27 - High May 6 and former breakout level

*SUP 2: $30.94 - Low May 15

*SUP 3: $28.66 - Low May 6

*SUP 4: $27.77 - Low May 5 and key intraday support

Brent futures continued to strengthen yesterday and started the week on a firm

note. Price action has cleared former resistance at $32.27 and also the 50-day

EMA at $33.54 reinforcing underlying bullish conditions. The ability to hold

above the EMA would pave the way for a move towards $38.00, Apr 9 high and

$38.31, Apr 2 high. A breach of the latter resistance would represent an

important technical break. $32.27 marks first support.