ICE BRENT: (V18) Downtrend Gathers........>

OIL TECHS: ICE BRENT: (V18) Downtrend Gathers Momentum

*RES 4: $75.41 - 55-DMA 

*RES 3: $74.41 - 21-DMA 

*RES 2: $74.35 - Low July 26, 27 

*RES 1: $73.17 - 100-DMA 

*PRICE: $72.59 @ 0530GMT 

*SUP 1: $71.90 - Low July 19 

*SUP 2: $71.30 - Low July 18 

*SUP 3: $71.00 - Bear channel bottom

*SUP 4: $68.03 - 200-DMA

The July 18, 19 lows and bear channel support are coming into focus following

yesterday's sharp selloff as the short-term downtrend gathers momentum. Below

these levels, the 200-DMA at $68.03 is the next line of defense for the bulls.

To the upside, bulls need a move back above the 100-DMA at $73.13 to arrest the

selling pressure but bears will remain in control below the 55-DMA at $75.41.