(J20) Down Sharply *RES 4: $46.38 -.......>

WTI TECHS: (J20) Down Sharply

*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: $33.59 - Intraday high and gap low on the daily chart

*PRICE: $29.97 @ 07:28 GMT Mar 9

*SUP 1: $27.34 - Intraday low

*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 overnight with Saudi set to increase supply. The

sell-off has 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 today's price action has caused 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. Heavy!