BRENT TECHS: (V19): Downtrend intact below $59.23....>

BRENT TECHS: (V19): Downtrend intact below $59.23

*RES 4: $62.95 - High Aug 2

*RES 3: $61.56 - High Aug 5

*RES 2: $60.56 - High Aug 6

*RES 1: $59.23 - High Aug 7 and key short-term resistance

*PRICE: $58.11 @ 06:41 BST Aug 13

*SUP 1: $57.11 - Low Aug 9

*SUP 2: $55.88 - Low Aug 7 and key bear trigger

*SUP 3: $52.51 - Low Jan 2 (YTD low) (continuation)

*SUP 4: $55.00 - Round number support

Brent is holding onto gains following the bounce off last Wednesday's low. The

near-term technical outlook however continues to look bearish, with price action

holding below resistance at $59.23, the Aug 7 high. The focus is on last

Wednesday's low of $55.88 where a break would once again re-accelerate moves

lower and open $55.00.On the upside, a move above $59.23 is required to signal a

more substantial consolidation.