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OIL TECHS: ICE BRENT: (Q18) Above $77.95 To Shift Focus Higher
*RES 4: $80.50 - High May 22
*RES 3: $79.88 - High May 23
*RES 2: $79.18 - High May 31
*RES 1: $77.95 - High June 1
*PRICE: $76.54 @ 0350GMT
*SUP 1: $76.12 - Low June 8
*SUP 2: $75.44 - Low June 7
*SUP 3: $74.46 - Low June 6
*SUP 4: $73.81 - Low June 5
*COMMENTARY: O/S daily studies appear to be impacting with support emerging
ahead of the 55-DMA Tuesday and the contract bouncing back to the $77.95
resistance. Bulls continue to look for a close above $77.95 to return pressure
to $79.18-80.50 where 2018 highs are situated. Initial support is noted at
$76.12 but bears now need a close below $74.44 to ease pressure on $77.95 and
return pressure to the 55-DMA ($73.78).