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

BRENT TECHS: (U19): Correction lower still seen likely

*RES 4: $67.65 - High Jul 11 and key resistance

*RES 3: $67.09 - High Jul 16

*RES 2: $65.28 - High Jul 17

*RES 1: $64.66 - High Jul 24

*PRICE: $64.04 @ 06:27 BST Jul 30

*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 consolidates. Recent gains stalled last Wednesday signalling an end to the

recent 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. The focus is on

61.29, the low of Jul 18 where a break would open 60.60. Resistance is at 64.66.