(J20) Bearish Threat Still Present........>

WTI TECHS: (J20) Bearish Threat Still Present Despite Bounce

*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: $34.88 - High Mar 9 and gap low on the daily chart

*PRICE: $33.32 @ 06:54 GMT Mar 10

*SUP 1: $27.34 - Low Mar 9

*SUP 2: $23.85 - 2.00 projection of the Jan 8 Feb 4 decline from Feb 20 high

*SUP 3: $20.20 - 2.236 projection of the Jan 8 Feb 4 decline from Feb 20 high

*SUP 4: $20.00 - Psychological round number

WTI suffered a sharp sell-off yesterday. The sell-off again 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 yesterday's price action

has created a $33.59 - $41.05 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. For now, the downtrend remains intact.