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

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.