BRENT TECHS: (K20): Off Recent Lows *RES 4: $59.56...>

BRENT TECHS: (K20): Off Recent Lows

*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: $52.44 @ 06:49 GMT Mar 4

*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 has rebounded this week. 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.