BRENT TECHS: (K20): A Pause In The Downtrend *RES....>

BRENT TECHS: (K20): A Pause In The Downtrend

*RES 4: $45.18 - Low Mar 6 and gap high of the daily chart

*RES 3: $39.70 - High Mar 11 and key resistance

*RES 2: $36.46 - High Mar 12

*RES 1: $31.25 - High Mar 17

*PRICE: $29.48 @ 07:43 GMT Mar 20

*SUP 1: $24.52 - Low Mar 18

*SUP 2: $21.93 - 2.236 projection of the Jan 8 - Feb 10 decline from Feb 20 high

*SUP 3: $20.00 - Psychological round number

*SUP 4: $19.47 - 2.382 projection of the Jan 8 - Feb 10 decline from Feb 20 high

Brent remains vulnerable despite recovering off this week's lows. The sharp

sell-off Mar 9 and the resumption of the downtrend on Mar 16 is still likely to

weigh and technical readings continue to highlight a clear bearish picture. The

next objective is $21.93, a Fibonacci projection ahead of the psychological

$20.00 level. On the upside, initial resistance is at $31.25. Major resistance

however is at $39.70, the Mar 11 high.