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ICE BRENT(U19): Trendline support cleared.......>

OIL
OIL: ICE BRENT(U19): Trendline support cleared
*RES 4: $67.65/69 - High July 11 / 61.8% of the Apr 25-Jun 5 decline
*RES 3: $67.09 - High Jul 16
*RES 2: $65.28 - High Jul 17
*RES 1: 64.82 - Former trendline support drawn off the Jun 18 low
*PRICE: $63.78 @ 06:22 BST Jul 18
*SUP 1: $63.22 - Low Jul 17
*SUP 2: $63.04 - 50.0% retracement of the rally between Jun 5 and Jul 11
*SUP 3: $62.09 - Low Jul 3
*SUP 4: $61.95 - 61.85 retracement of the rally between Jun 5 and Jul 11
Brent is under pressure. A sharp sell-off this week has resulted in a clear
break of trendline support at drawn off the low of Jun 18. This negates last
weeks bullish developments and at the very least signals potential for a deeper
correction. Scope is seen for weakness towards support at $62.09, the low of Jul
3. With further downside anticipated, resistance is at the former trendline,
today at 64.82.

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