(J20) Holds Onto Corrective Gains *RES....>

WTI TECHS: (J20) Holds Onto Corrective Gains

*RES 4: $52.64 - High Feb 24

*RES 3: $52.02 - High Feb 25

*RES 2: $49.50 - Low Feb 4 and former breakout

*RES 1: $48.66 - High Mar 3

*PRICE: $47.43 @ 06:24 GMT Mar 5

*SUP 1: $43.32 - Low Mar 2

*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

WTI has rebounded this week and is holding onto its gains. The outlook though

remains bearish. Futures registered a fresh low again Monday. Last week's

sell-off resulted in a break of $49.50, Feb 4 low confirming a resumption of the

bear trend. The move lower reinforces the bearish price sequence of lower lows

and lower highs and keeps bears in control. Attention is on $42.51 next, a

Fibonacci retracement projection. Resistance is $49.50.