ICE BRENT(Q19): Double bottom reversal....>

OIL TECHS: ICE BRENT(Q19): Double bottom reversal confirmed last week

*RES 4: $69.23 - High may 28

*RES 3: $68.47 - 61.8% retracement of the Apr-Jun fall

*RES 2: $66.75 - 50% retracement of the Apr-Jun decline

*RES 1: $65.91 - Low May 23

*PRICE: $65.58 @ 07:03 BST Jun 24

*SUP 1: $62.40 - Low Jun 20

*SUP 2: $60.25 - Low Jun 18

*SUP 3: $59.45 - Low June 5

*SUP 4: $58.99 - Low Nov 29

Brent bulls are back in charge. The rally last week through former resistance at

64.10 confirmed a double bottom reversal paving the way for a stronger push

higher near-term. Momentum conditions have unwound recent oversold readings from

early June and are pointing north. Potential is seen for a move to 66.75, the

50%retracement of the Apr 25-Jun 4 decline. 68.75 represents the double bottom

projection and is a target further out. Initial support is at 62.40.