ICE BRENT: (U18) 55-DMA Support Key.......>

OIL TECHS: ICE BRENT: (U18) 55-DMA Support Key Today

*RES 4: $79.56 - High June 29 

*RES 3: $78.95 - High July 2 

*RES 2: $78.55 - High July 3 

*RES 1: $77.78 - Hourly support July 5 now resistance

*PRICE: $77.14 @ 0350GMT

*SUP 1: $76.67 - Low July 3 

*SUP 2: $76.11 - Low June 27, 21-DMA 

*SUP 3: $75.85 - 55-DMA 

*SUP 4: $72.88 - Rising daily TL off Feb 13 low

*COMMENTARY: Topside follow through is lacking which is a concern for bulls

given the significance of the $80.07-50 resistance region and daily studies

correcting from O/B. Bears continue to look for a close below the 55-DMA to

shift focus back to $71.12-72.11 where the 100-DMA ($71.60) is situated. Bulls

now need a close above $78.55 to gain breathing room and above $80.50 to target

$87.94 last seen in Oct 2014.