Oil Update

WTI Crude oil fluctuated heavily yesterday, forming a major long lower shadow, as price was rejected after testing the broken descending resistance shown on the daily chart above, however price should take 104.50 resistance level to confirm a move higher towards the major swing high at 105.20. Overall, the bullish breakout above the descending resistance favors further upside for crude oil, targeting 105.20.

Support: 104.00, 103.40, 103.25, 102.65, 102.00

Resistance: 104.70, 105.20, 105.95, 107.10, 108.00

Recommendation Based on the above, buy WTI oil futures above 103.40 targeting 105.20 and stop-loss below 102.60