BRENT TECHS: (U19): Correction likely to extend......>

BRENT TECHS: (U19): Correction likely to extend

*RES 4: $67.65 - High Jul 11

*RES 3: $67.09 - High Jul 16

*RES 2: $65.28/32 - High Jul 17 / Former trendline drawn off the Jun 18 low

*RES 1: $64.46 - High Jul 18

*PRICE: $63.26 @ 06:25 BST Jul 22

*SUP 1: $61.29 - Low Jul 18

*SUP 2: $60.60 - 76.4% retracement of the rally between Jun 5 and Jul 11

*SUP 3: $59.36 - Low Jun 18

*SUP 4: $58.77 - Low Jun 12

Brent is expected to remain under pressure. The sharp sell-off last week

resulted in a clear break of trendline support drawn off the low of Jun 18. This

reversed the uptrend that had been in place since the low of Jun 5 allowing for

at the very least, a deeper correction. Last Thursday, prices traded through

61.8% of the rally between Jun 5-Jul 11 at 61.95. A move below that days low of

61.29 would open 60.60, the 76.4% retracement. Resistance is at 64.46.