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ICE BRENT: (Q18) O/B Daily Studies A......>

OIL TECHS
OIL TECHS: ICE BRENT: (Q18) O/B Daily Studies A Concern
*RES 4: $81.61 - High Nov 21 2014 (Cont) 
*RES 3: $81.08 - Daily Bull channel top 
*RES 2: $80.42 - High May 17 
*RES 1: $79.80 - High May 18
*PRICE: $79.10 @ 0350GMT
*SUP 1: $78.34 - Low May 17 
*SUP 2: $77.55 - Low May 16 
*SUP 3: $75.94 - Daily Bull channel base off Apr 9 low 
*SUP 4: $75.55 - 21-DMA
*COMMENTARY: The lack of topside follow through on Thursday's high left the
contract looking offered Friday. Bears now look for a close below $78.34 to gain
breathing room and hint at a correction back to $75.55-94 where the bull channel
base and 100-DMA are located. Below the 21-DMA is needed to shift focus back to
$71.65. Correcting O/B studies remain a concern for bulls who now need a close
above $80.42 to reconfirm focus on the bull channel top.

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