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ICE BRENT: (G18) Pressuring Bull..........>

OIL TECHS
OIL TECHS: ICE BRENT: (G18) Pressuring Bull Channel Base
*RES 4: $63.56 - Hourly resistance Dec 4a 
*RES 3: $63.15 - High Dec 5 
*RES 2: $62.59 - Hourly resistance Dec 6 
*RES 1: $61.92 - Low Nov 21 now resistance
*PRICE: $61.47 @ 0340GMT
*SUP 1: $61.14 - Daily Bull channel base 
*SUP 2: $61.00 - Low Nov 17 
*SUP 3: $59.77 - 55-DMA 
*SUP 4: $59.67 - Low Oct 30
*COMMENTARY: Rejection ahead of $64.41 now sees the correction pressuring the
daily bull channel base. Bears need a close below $61.00 to confirm a break of
the channel base and shift initial focus to $58.99-59.77 where the 55-DMA is
noted. Bulls now need a close above $61.92 to ease bearish pressure and above
$63.15 to regain the upper hand and initially target $64.41 Nov highs. The
Bollinger base ($61.12) retains the potential to limit follow through.

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