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BRENT TECHS: (V19): Aug 13 high still key resistance
*RES 4: $62.13 - 50-day EMA
*RES 3: $61.78 - 61.8% retracement of the Jul 31-Aug 7 decline
*RES 2: $61.50 - High Aug 13 and key resistance
*RES 1: $59.92 - High Aug 19
*PRICE: $59.76 @ 06:01 BST Aug 20
*SUP 1: $57.67 - Low Aug 15
*SUP 2: $57.11 - Low Aug 9
*SUP 3: $55.88 - Low Aug 7 and key bear trigger
*SUP 4: $52.51 - Low Jan 2 (YTD low) (continuation)
Brent has started the week on a firmer note. The bearish tone that began on Jul
11 has been neutralised following the strong recovery off the Aug 7 low. However
in order to adopt a firmer bullish argument, price action still need to clear
resistance at $61.50, the Aug 13 high. This would open a test of the 50-day EMA
at $62.04. Support lies at last Thursday's low of $57.67, where a break would
open the key bear trigger at $55.88 once again.