J20) Bearish Threat Remains *RES 4:.......>

WTI TECHS: J20) Bearish Threat Remains

*RES 4: $46.38 - High Mar 6

*RES 3: $43.32 - Low Mar 2

*RES 2: $41.05 - Low Mar 6 and gap high on the daily chart

*RES 1: $36.35 - High Mar 11

*PRICE: $32.36 @ 06:51 GMT Mar 12

*SUP 1: $30.02 - Low Mar 12

*SUP 2: $27.34 - Low Mar 9 and bear trigger

*SUP 3: $23.85 - 2.00 projection of the Jan 8 Feb 4 decline from Feb 20 high

*SUP 4: $20.20 - 2.236 projection of the Jan 8 Feb 4 decline from Feb 20 high

WTI remains vulnerable despite the recovery earlier this week. The slide Monday

confirmed a resumption of this year's downtrend paving the way for more

weakness. The focus is on $23.85 next, a Fibonacci projection. Note that

Monday's price action created a $33.59 - $41.05 gap on daily charts. This was

partially filled Wednesday and it would not be a surprise to see the market fill

this entire gap. Whether this happens near-term or later remains to be seen.