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Oil’s managed a reversed in price and price even pinned above and now is trading above key 100.65 level, this move shows that Oil still has strength for upward extend. Oil’s down move is limited after price found a minor support from where it reversed towards 100.65 resistance level. 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 – 100.10, 1st Support – 99.47, 1st Resistance – 101.18
