BRENT TECHS: (Z19): Bounces Off Its Low *RES 4:......>

BRENT TECHS: (Z19): Bounces Off Its Low

*RES 4: $64.48 - High Sep 19

*RES 3: $61.84/92 - Former trendline support / High Sep 26

*RES 2: $60.10 - High Oct 1

*RES 1: $59.50 - High Oct 2

*PRICE: $57.98 @ 06:45 BST Oct 4

*SUP 1: $56.15 - Low Oct 3

*SUP 2: $55.31 - Low Aug 7

*SUP 3: $55.00 - Round number support

*SUP 4: $54.33 - 1.236 projection of Sep 16 - Sep 18 decline from Sep 19 high

Brent bounced sharply off yesterday's $56.15 low to provide the first signs of

bullish life for some time. It is too early to call a bottom. However if prices

are able to recover above $59.50, Oct 2 high, the likelihood of a reversal will

have increased. For now, the trend remains bearish following recent sharp

losses. A break below $56.15 would confirm a resumption of the downtrend and

open $55.31, Aug 7 low.