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BRENT TECHS: (V19): Pausing for Breath, but Still Moving Lower
*RES 4: $62.95/29 - 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: $57.77 @ 07:06 BST Aug 8
*SUP 1: $56.23 - Low Aug 7
*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)
After continuing to move lower, Brent futures took a breather in yday's North
American session, responding to a Bloomberg story that Saudi Arabia "will not
tolerate" continual falls in oil prices. This may slow the move lower but the
near-term technical outlook for Brent futures continues to look bearish. Bears
need to break through yesterday's low of $56.23 to re-accelerate moves lower. A
move above yesterday's high of $59.23 would signal further consolidation.