BRENT TECHS: (Z19): Watch Resistance At $59.50.......>

BRENT TECHS: (Z19): Watch Resistance At $59.50

*RES 4: $64.48 - High Sep 19

*RES 3: $62.04/92 - Former trendline support / High Sep 26

*RES 2: $60.10 - High Oct 1

*RES 1: $59.50 - High Oct 2

*PRICE: $58.37 @ 05:46 BST Oct 7

*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 pushed higher Friday extending Thursday's bounce off the day low of

$56.15. This provides the first signs of bullish life for some time. It is

however too early to call a bottom. If prices are able to trade 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.