(J20) Still Likely Heading South *RES.....>

WTI TECHS: (J20) Still Likely Heading South

*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: $30.56 @ 06:46 GMT Mar 16

*SUP 1: $29.75 - Intraday low

*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. The slide last 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 price action on Mar 9 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. However, whether this

happens near-term or later remains to be seen.