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ICE BRENT: (Q18) Topside Failures A.......>

OIL TECHS
OIL TECHS: ICE BRENT: (Q18) Topside Failures A Concern
*RES 4: $82.41 - Daily Bull channel top 
*RES 3: $81.61 - High Nov 21 2014 (Cont) 
*RES 2: $80.50 - High May 22 
*RES 1: $79.88 - High May 23
*PRICE: $78.72 @ 0350GMT
*SUP 1: $78.13 - Low May 21 
*SUP 2: $77.55 - Low May 16 
*SUP 3: $77.27 - Daily Bull channel base off Apr 9 low 
*SUP 4: $76.75 - 21-DMA
*COMMENTARY: The lack of topside follow through on Tuesday's high was less than
ideal for bulls as was the failure to retest this level on Wednesday's rally.
The contract is looking offered again with focus on the $75.98-78.13 region.
Bears need a close below $78.13 to gain breathing room and below $75.84 to
confirm a break of the 21-DMA and bull channel base and then targeting $71.65-71
where the 55-DMA is found.

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