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(J20) 2020 Downtrend Firmly Intact *RES...>

WTI TECHS
WTI TECHS: (J20) 2020 Downtrend Firmly Intact
*RES 4: $54.66 - High Feb 20 and bull trigger
*RES 3: $52.64 - High Feb 24
*RES 2: $52.02 - High Feb 25
*RES 1: $49.50 - Low Feb 4 and former breakout
*PRICE: $45.68 @ 07:40 GMT Feb 28
*SUP 1: $44.27 - 138.2% retracement projection of the Oct 3 - Jan 8 rally
*SUP 2: $42.51 - 150.0% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $40.74 - 161.8% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $40.00 - Psychological round number
The 2020 WTI downtrend remains firmly intact and fresh trend lows have been
registered once again today. This week's sell-off has resulted in a break of the
$49.50 low from Feb 4 and confirms a resumption of the bear trend. The move
lower reinforces the bearish price sequence of lower lows and lower highs and
places bears firmly in control. Attention is on a move towards $44.27 next, a
Fibonacci retracement projection. Firm resistance is seen at $49.50.

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