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BRENT TECHS: (V19): All About Wednesday's Range......>

BRENT TECHS: (V19): All About Wednesday's Range
*RES 4: $62.30 - 50% retracement of Aug 1 decline
*RES 3: $61.56 - High Aug 5
*RES 2: $59.66/74 - Low Aug 5/ 61.8% retracement of Dec 2018-April 2019 rally
*RES 1: $58.01 - High Aug 8
*PRICE: $57.38 @ 07:04 BST Aug 9
*SUP 1: $56.23 - Low Aug 7
*SUP 2: $55.99 - 76.4% retracement of Dec 2018-April 2019 rally
*SUP 3: $52.51 - Low Jan 2 (YTD low) (continuation)
*SUP 4: $49.93 - Low Dec 26 2018 (2018 low) (continuation)
Brent futures continued to take a breather yesterday after consolidating
somewhat on Wednesday. The near-term technical outlook for Brent futures
continues to look bearish but we need to break through Wednesday's low of $56.23
to re-accelerate moves lower. A move above Wednesday's high of $59.23 would
signal a more substantial consolidation.

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