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ICE BRENT: (J18) Looking Heavy *RES 4:....>

OIL TECHS
OIL TECHS: ICE BRENT: (J18) Looking Heavy
*RES 4: $70.02 - High Feb 2 
*RES 3: $69.70 - Hourly support Feb 1 now resistance 
*RES 2: $69.07 - Hourly resistance Feb 2 
*RES 1: $68.42 - Hourly support Jan 31 now resistance
*PRICE: $67.79 @ 0430GMT
*SUP 1: $67.53 - Bollinger band base 
*SUP 2: $66.74 - Low Jan 5 
*SUP 3: $65.57 - 55-DMA 
*SUP 4: $64.48 - High Dec 12 now support
*COMMENTARY: Recent 2018 & 3+ year highs lacked follow through with the pullback
seeing the contract trading below the 21-DMA ($68.97) and focus now on $66.74.
Bears look for a close below $66.74 to confirm focus on $64.48-65.57 where the
55-DMA is located. Daily studies have room to move before O/S is an issue but
the Bollinger base may limit follow through. Bulls now need a close above $69.07
to gain breathing room.

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