BRENT TECHS: (Q19): Downtrend Intact *RES 4:.........>

BRENT TECHS: (Q19): Downtrend Intact

*RES 4: $66.75/80 - 50% Apr-Jun 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: $61.76 @ 06:45 BST Jun 14

*SUP 1: $59.78 - Low June 12

*SUP 2: $59.45 - Low June 5

*SUP 3 :$58.99 - Low Nov 29

Oil rallied through $62.50 yesterday on the oil tanker attack headlines, before

drifting into the close. Despite this, Brent futures continue to generate

bearish signals with a potential H&S forming. A weekly close under $60 would

return downside pressure to the Jun 5 ytd low. Further support is located at

57.35/56.77 from the 2% lower Bollinger band & 76.4% retracement of the Dec-Apr

rally. Bulls need to recover Monday's high to stabilise the short-term outlook,

before targeting a return to the 100-dma at $66.80.