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

BRENT TECHS: (V19): Increasingly Bearish Outlook

*RES 4: $62.95/20 - High Aug 2/ Channel bottom

*RES 3: $62.30 - 50% retracement of Aug 1 decline

*RES 2: $61.56 - High Aug 5

*RES 1: $59.66/74 - Low Aug 5/ 61.8% retracement of Dec 2018-April 2019 rally/

*PRICE: $58.91 @ 07:08 BST Aug 7

*SUP 1: $57.13 - Low Jan 8 (continuation)

*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)

The near-term technical outlook for Brent futures continues to look increasing

bearish with Brent futures trading at their weakest levels since January. This

brings the 76.4% Fibonacci retracement from the April highs back to the December

2018 lows at $55.99 into play ahead. Below here lies the 2018 low of $49.93.

Bulls need to break back into the prior trend channel (whose bottom comes in at

$63.20) to change the outlook.