BRENT TECHS: (V19): Pausing for Breath, but Still....>

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.