Brent Crude did hold support at 105.10/00 & hit our target for the day at 106.40/55. We topped exactly here as predicted at 106.56 & being overbought we should see profit taking today towards 105.75/70 & may be as far as 105.15/10. If we make it as far as 104.70/65 we could expect a bounce from here.
Resistance at 106.40/55 offers a selling opportunity again today with stops above 107.00. We can then try shorts again at 107.40/50 with stops above 107.75 for a test of the 200 day moving average at 107.95/00.
Weekly Outlook: Only missed our buying opportunity at 102.80/50 by 18 ticks & it seems unlikely we will revisit this area for a second chance this week. Strong resistance at 106.40/55 then 107.50 & 108.55/60.