BRENT TECHS: (K20): Corrective Bounce *RES 4:........>

BRENT TECHS: (K20): Corrective Bounce

*RES 4: $59.56 - High Feb 20 and key resistance

*RES 3: $57.26 - High Feb 24

*RES 2: $54.78 - High Feb 26

*RES 1: $53.90 - High Mar 3

*PRICE: $51.93 @ 06:26 GMT Mar 5

*SUP 1: $48.40 - Low Mar 2 and bear trigger

*SUP 2: $46.79 - 150.0% retracement projection of the Oct 3 - Jan 8 rally

*SUP 3: $44.94 - 161.8% retracement projection of the Oct 3 - Jan 8 rally

*SUP 4: $42.66 - 176.4% retracement projection of the Oct 3 - Jan 8 rally

Brent is holding onto this week's gains. The outlook though remains bearish.

Last week's sell-off resulted in a break of the $53.42 low from Feb 10 that

confirmed a resumption of the bear trend. This maintains the bearish price

sequence of lower lows and lower highs and keeps bears in control of the trend.

The focus is on $46.79 next, a Fibonacci retracement projection. The bear

trigger is Monday's $48.40 low. Initial resistance is at $53.90.