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Oil failed to make a reverse in price toward a retest of 98.12 resistance level and dropped. Oil’s down move is limited after price found a minor support from where it reversed towards 98.12 resistance level but price failed to make a positive break and now Oil is heading towards a retest of the 95.61 support level and price is limited below 100.65 resistance level, for the third time, this makes this level strong one, after those failed attempts. Oil’s is going into sideways consolidative move, after failed to extend higher and bring back above upper trend line. Our intraday bias is bullish for the moment as long as price is trading above 98.12 support level. Upward move to extend a sustained trade above 100.65 level is needed. In this case Oil should accumulate power to attempt towards 102.35 resistance level. In this case Oil should trade sustain above resistance, thus will make path for a test of the 103.34 level
On the down side, if Oil fails to extend over the temporary high this would signals for lost momentum and turning for a reverse in trend. If price failed to extend and drop below 98.12 support level, this would send price further down towards test of the upper trend line. Deeper decline towards 89.12 could be seen after breaking below 94.84 level.
Daily Pivots: Pivot Point – 97.01, 1st Support – 96.44 1st Resistance – 97.68
