WTI Crude bounced off 103.65/50 as predicted & beat 104.50 for a selling opportunity at 105.10/20 with stops above 105.40. We did trade at 105.43 but if stops were not triggered we can look for a move back below 104.95 to 104.70/60 for profit taking on shorts. The outlook is still quite negative so any longs need stops below 104.40 for 104.00/90. Any further weakness should retest this week’s low of 103.60/50. A bounce from here is possible again today but longs
need stops below 103.20.
Resistance at 105.30/40 could hold the topside again but be ready to go with a break higher to target 105.85/90. We should look overbought short term here so exit longs & try shorts with stops above 106.10.