BRENT TECHS: (K20): Off Yesterday's Lows *RES 4:.....>

BRENT TECHS: (K20): Off Yesterday's Lows

*RES 4: $50.45 - High Mar 6

*RES 3: $48.40 - Low Feb 2

*RES 2: $45.18 - Low Mar 6 and gap high of the daily chart

*RES 1: $38.34 - Intraday high and gap low of the daily chart

*PRICE: $36.89 @ 07:40 GMT Mar 10

*SUP 1: $31.02 - Intraday low

*SUP 2: $29.87 - 1.764 projection of the Jan 8 - Feb 10 decline from Feb 20 high

*SUP 3: $25.90 - 2.00 projection of the Jan 8 - Feb 10 decline from Feb 20 high

*SUP 4: $21.93 - 2.236 projection of the Jan 8 - Feb 10 decline from Feb 20 high

Brent suffered a sharp sell-off yesterday with Saudi set to increase supply. The

sell-off has confirmed a resumption of this year's downtrend paving the way for

more weakness. The focus is on $29.87 and $25.90, both Fibonacci projections.

Note that yesterday's price action has created a $38.84 - $45.18 gap on daily

charts and it would not be a surprise to see the market fill this gap. Whether

that happens in the near-term or at a later date remains to be seen.