ICE BRENT: (F18) Fall Challenging.........>

OIL TECHS: ICE BRENT: (F18) Fall Challenging $61.10-$60.92 Area

*RES 4: $63.35 Nov 10 low, now resistance

*RES 3: $62.95 Nov 8 low, now resistance

*RES 2: $62.61 Nov 13 low, now resistance

*RES 1: $62.15/21 Hourly resistance

*PRICE: $61.16 @0204GMT                                    

*SUP 1: $61.08/10 Hourly support, 76.4% of $60.00-$64.65

*SUP 2: $60.92 38.2% Fibo of $54.85-$64.65

*SUP 3: $60.60 Nov 3 low

*SUP 4: $60.00 Nov 1 low

*COMMENTARY: The break below $62.95 has seen the decline continue, today now

threatening to challenge the next key near term support area between

$61.10-$60.92. Below the latter would continue to suggest we have likely seen a

5 wave rise complete since the early Oct low at $54.85. In the interim,

resistance now comes from $62.15-21 and then a series of previous lows between

$62.61-$63.35 but requires a move above $63.88 to suggest the fall is over.