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ICE BRENT: (G18) Bull Channel Base........>

OIL TECHS
OIL TECHS: ICE BRENT: (G18) Bull Channel Base Reconfirms Significance
*RES 4: $63.98 - Bollinger band top 
*RES 3: $63.56 - Hourly resistance Dec 4a 
*RES 2: $63.15 - High Dec 5 
*RES 1: $62.59 - Hourly resistance Dec 6, 21-DMA
*PRICE: $62.18 @ 0430GMT
*SUP 1: $61.73 - Hourly support Dec 7 
*SUP 2: $61.29 - Daily Bull channel base 
*SUP 3: $61.00 - Low Nov 17 
*SUP 4: $59.90 - 55-DMA
*COMMENTARY: The correction lower from the failure ahead of $64.41 last week has
bounced from the daily bull channel base, reconfirming significance. Bulls
continue to look for a close above $63.15 to regain the upper hand and initially
target $64.41 Nov highs. The $61.00 support remains key with bears needing a
close below to confirm a break of the channel base and shift initial focus to
$58.99-59.90 where the 55-DMA is noted.

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