WTI Crude did break lower as predicted to our buying opportunity at 104.50 & bottomed exactly here. The daily chart looks quite negative but in the short term we are oversold so the downside may be more limited today. 104.50 is good support again but 105.20 is where we should struggle on any rally. Above 105.40 however is more positive & could target 105.90. Look for a high for the day here to exit longs & try shorts with stops above 106.35. Try shorts again at 106.75/80 with stops above 107.10.
Keep stops on longs tight below 104.35 & be ready to go with a break looking for 103.65/50. We expect a low for the day here if tested. Exit shorts & try longs with stops below 103.20.