BRENT TECHS: (Q20): Near-Term Outlook Still..........>

BRENT TECHS: (Q20): Near-Term Outlook Still Bearish

*RES 4: $45.20 - 50.0% retracement of the Jan - Apr sell-off

*RES 3: $43.41 - High Jun 8 and bull trigger

*RES 2: $41.99 - High Jun 10 and key near-term resistance

*RES 1: $41.65 - High Jun 16

*PRICE: $40.25 @ 06:27 BST Jun 17

*SUP 1: $37.09/01 - Low Jun 12 and the bear trigger / 50-day EMA

*SUP 2: $34.84 - Low May 29

*SUP 3: $34.35 - Low May 28

*SUP 4: $33.94 - Low May 22 and a key support

Brent futures maintain a weaker S/T tone despite this week's recovery off recent

lows. Price last week cleared trendline support drawn off the Apr 22 low. This

signals a bearish threat and a potential short-term reversal. Recently, trend

conditions entered overbought territory and the pullback is allowing this to

unwind. Deeper losses would expose support at $34.35, and $33.94, May 28 and 22

lows respectively. Initial firm resistance is at $41.99, Jun 10 high.