ICE BRENT: (Q18) Bulls Need Close Above...>

OIL TECHS: ICE BRENT: (Q18) Bulls Need Close Above 21-DMA

*RES 4: $78.13 - Low May 21 now resistance 

*RES 3: $77.55 - Low May 16 now resistance 

*RES 2: $76.91 - 21-DMA 

*RES 1: $76.23 - High May 29

*PRICE: $75.03 @ 0430GMT

*SUP 1: $74.53 - Low May 28 

*SUP 2: $72.75 - Bollinger band base 

*SUP 3: $72.27 - 55-DMA 

*SUP 4: $71.65 - Low Apr 20

*COMMENTARY: The lack of topside follow through last week resulted in a sell-off

and close below the bull channel base and 21-DMA Friday. Bears now focus their

attention on $71.65-72.27 where the 55-DMA is located. A close below $71.65 is

needed to initially target $67.93-69.36. Bulls now need a close above the 21-DMA

to gain breathing room and above $78.13 to shift initial focus back to

$79.88-80.50.