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

OIL TECHS
OIL TECHS: ICE BRENT: (U18) 55-DMA Support Remains Key
*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: $77.49 @ 0430GMT
*SUP 1: $76.81 - Hourly support July 6 
*SUP 2: $76.11 - Low June 27 
*SUP 3: $75.93 - 55-DMA 
*SUP 4: $73.00 - 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 ($71.74) is situated. Bulls
now need a close above $77.78 to gain breathing room and above $80.50 to target
$87.94 last seen in Oct 2014.

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