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BRENT TECHS: (V19): Increasingly Bearish Outlook.....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (V19): Increasingly Bearish Outlook
*RES 4: $64.54 - High Aug 1
*RES 3: $62.93/95 - Channel bottom/High Aug 2
*RES 2: $62.30 - 50% retracement of Aug 1 decline
*RES 1: $61.56 - High Aug 5
*PRICE: $60.40 @ 07:22 BST Aug 6
*SUP 1: $59.74/66 - 61.8% retracement of Dec 2018-April 2019 rally/Low Aug 5
*SUP 2: $59.07/58.90 - Intraday low/Low Jan 14 (continuation)
*SUP 3: $57.13 - Low Jan 8 (continuation)
*SUP 4: $55.99 - 76.4% retracement of Dec 2018-April 2019 rally
The near-term technical outlook for Brent futures has become increasing bearish.
Yesterday support was found at the 61.8% Fibo retracement of the December 2018
lows to the April 2019 highs but that level has also been breached today with
Brent registering its lowest level since January. This brings the 76.4% Fibo
level at $55.99 into play ahead of the December 2018 lows of $49.93. Bulls need
to break above $62.93 into the prior up trend channel to change the outlook.

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