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OIL TECHS: ICE BRENT: (U18) $73.67 Support Key Today
*RES 4: $76.17 - 21-DMA
*RES 3: $74.54 - Hourly support June 15 now resistance
*RES 2: $73.98 - 55-DMA
*RES 1: $75.08 - High June 18
*PRICE: $74.54 @ 0350GMT
*SUP 1: $74.44 - Hourly resistance June 18 now support
*SUP 2: $73.67 - Hourly support June 18
*SUP 3: $73.37 - Hourly resistance June 15
*SUP 4: $72.11 - Low June 18
*COMMENTARY: Bears failed to capitalise on Friday's close below the 55-DMA
($74.17) with the aggressive rally Monday buying bulls breathing room. Bulls now
need a close above $77.63 to confirm traction above the 21-DMA, ending bearish
hopes and returning focus to $80.07. Support layers building is a concern for
bears who now look for a close below $73.67 to return focus to $71.12.