BRENT TECHS: (X19): $62.40 is bull trigger *RES 4:...>

BRENT TECHS: (X19): $62.40 is bull trigger

*RES 4: $64.94 - High Jul 31

*RES 3: $64.05 - High Aug 1

*RES 2: $62.77 - Potential bull channel top drawn off the Aug 7 low

*RES 1: $62.40 - High Sep 5 and pivotal resistance

*PRICE: $62.12 @ 08:11 BST Sep 9

*SUP 1: $59.40 - Low Sep 6

*SUP 2: $58.13 - Low Sep 4

*SUP 3: $57.23 - Low Sep 3 and key short-term support

*SUP 4: $55.59 - Low Aug 7 and key bear trigger

Brent bulls appear to gaining the upper hand. Price action late last week saw

trendine resistance breached at $61.30 on Sep 5, drawn off the Jul 11 high. A

bearish candle pattern however developed on the same day somewhat neutralising

the trendline break. The rebound Friday though suggests a bullish tone is

beginning to dominate. A break of $62.40, the Sep 5 high would reinforce this

set-up and open $64.05. Key near-term support lies at $59.40.