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

WTI TECHS
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.

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