ICE BRENT: (J18) Above $70.05 To..........>

OIL TECHS: ICE BRENT: (J18) Above $70.05 To Reconfirm Bullish Bias

*RES 4: $73.41 - High Nov 28 2014 

*RES 3: $70.05 - 2018 High Jan 11 (G18) 

*RES 2: $69.94 - High Jan 15 

*RES 1: $69.39 - Hourly resistance Jan 16

*PRICE: $69.00 @ 0340GMT

*SUP 1: $68.69 - Hourly support Jan 22 

*SUP 2: $67.67 - 21-DMA 

*SUP 3: $66.74 - Low Jan 5 

*SUP 4: $64.48 - High Dec 12 now support

*COMMENTARY: The correction lower from $69.94 has so far found support ahead of

the key $66.74-67.72 support region key. Bears still need a close below $67.72

to ease bullish pressure and below $66.74 to confirm a break of the 21-DMA and

shift focus back to $64.46-48 where the 55-DMA is noted. Bulls continue to look

for a close above $70.05 to reconfirm the bullish bias and initially target

$73.41.