BRENT TECHS: (K20): Still Vulnerable *RES 4:.........>

BRENT TECHS: (K20): Still Vulnerable

*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: $39.70 - High Mar 11

*PRICE: $34.26 @ 06:40 GMT Mar 12

*SUP 1: $33.30 - Low Mar 10

*SUP 2: $31.02 - Low Mar 9

*SUP 3: $29.87 - 1.764 projection of the Jan 8 - Feb 10 decline from Feb 20 high

*SUP 4: $25.90 - 2.00 projection of the Jan 8 - Feb 10 decline from Feb 20 high

Brent remains vulnerable despite the recent recovery. Monday's sharp sell-off

weighs with technical readings still highlighting clear bearish conditions. The

focus is on $29.87 and $25.90, both Fibonacci projections. Note that Monday's

price action created a $38.84 - $45.18 gap on daily charts (partially filled

yesterday). It would not be a surprise to see the market fill the gap. Whether

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