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Oil’s higher trading seems to be to giving a sign that it is over, after price broke below its upper trend line after price is making a sustain gain below 106.95 resistance level and is heading towards deeper drop. Oil must make a sustain gain above this 106.95 level, if not this could give a sign that upward move would be lost, however Oil is trading above 98.12 support level which give strength for reversed. 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 103.34 level is needed. In this case Oil should accumulate power to attempt towards 106.95 resistance level. In this case Oil should trade sustain above resistance, thus will make path for a test of the 110.00 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 103.34 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 – 105.65, 1st Support – 104.42, 1st Resistance – 106.65
