BRENT TECHS: (V19): Downtrend intact *RES 4:.........>

BRENT TECHS: (V19): Downtrend intact

*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: $58.36 @ 06:41 BST Aug 12

*SUP 1: $55.88 - Low Aug 7 and key bear trigger

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

*SUP 3: $55.00 - Round number support

*SUP 4: $49.93 - Low Dec 26 2018 (2018 low) (continuation)

Brent futures are holding onto gains following the bounce off last Wednesday's

low. The near-term technical outlook however continues to look bearish and the

focus is on last Wednesday's low of $55.88 where a break would once again

re-accelerate moves lower. This would open the $54.00 level and the base of a

bear channel at $52.92. On the upside, a move above last Wednesday's high of

$59.23 would signal a more substantial consolidation.