BRENT TECHS: (U19): Correction lower still likely....>

BRENT TECHS: (U19): Correction lower still likely

*RES 4: $67.65 - High Jul 11

*RES 3: $67.09 - High Jul 16

*RES 2: $65.28/66.56 - High Jul 17 / Former trendline drawn off the Jun 18 low

*RES 1: $64.66 - High Jul 24

*PRICE: $63.21 @ 06:16 BST Jul 29

*SUP 1: $62.59 - Low Jul 24

*SUP 2: $61.29 - Low Jul 18

*SUP 3: $60.60 - 76.4% retracement of the rally between Jun 5 and Jul 11

*SUP 4: $59.36 - Low Jun 18

Brent is consolidating. Recent gains stalled last Wednesday signalling an end to

the correction higher. Bearish conditions remain in place following the recent

sharp sell-off from the Jul 11 high that resulted in a break of trendline

support on Jul 16. The trendline is drawn off the low of Jun 18. This reversed

the uptrend that had been in place since the low of Jun 5. A move below 61.29,

the low of Jul 18 would open 60.60. Resistance is at 64.66.