BRENT TECHS: (Q19): Bearish Territory *RES 4:........>

BRENT TECHS: (Q19): Bearish Territory

*RES 4: $66.75/78 - 50% Apr-May fall/100-dma

*RES 3: $66.67 - May 29 Low

*RES 2: $64.91 - High May 31

*RES 1: $64.10 - High Jun 10

*PRICE: $61.25 @ 06:55 BST Jun 13

*SUP 1: $59.78 - Low June 12

*SUP 2: $59.45 - Low June 5

*SUP 3 :$58.99 - Low Nov 29

*SUP 4: $56.77 - 76.4% Dec-Apr rally

The slide in oil continued yesterday after the surprise build in domestic

stockpiles. Brent futures closed below $60 and sits back in bearish territory

with a potential H&S forming. Bears target a close below the Jun 5 ytd low to

extend the downtrend toward the 2% lower Bollinger band & 76.4% retracement of

the Dec-Apr rally at $57.34/56.77. Bulls need to recover Monday's high to

stabilise the s/t outlook, before targeting a return to the 100-dma at $66.78.