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Oil failed to make a strong upward march and now price is trading lower from key 89.12 support level. Oil’s reverse in price from 89.12 support level was in vain, however Oil continues with its sustain gain below 92.52 after commodity dropped from this crucial support level, Oil’s down move continues after price failed to hold and make a sustain gain towards upward move, Oil’s decline in price extended lower, after price failed to hold 94.50 support level and Oil slumped down from its swing low, after price rebound from the 94.50 support level, despite that price made a slight reverse and now Oil is above 92.52 support level, however Oil shows huge strength in bears, , Oil must make a sustain gain above this 95.61 level, if not this could give a sign that upward move would be lost, however Oil is trading above 92.52 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 bearish for the moment as long as price is trading below 98.12 support level. Upward move to extend a sustained trade above 95.61 level is needed. In this case Oil should accumulate power to attempt towards 98.12 resistance level. In this case Oil should trade sustain above resistance, thus will make path for a test of the 100.65 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 92.52 support level, this would send price further down towards test of the upper trend line. Deeper decline towards 84.20 could be seen after breaking below 89.12 support level.
Daily Pivots: Pivot Point – 90.55, 1st Support – 90.12, 1st Resistance – 91.16
