Brent Crude got so close to our buying opportunity at strong support at 102.80/50 but frustratingly bounced a little early at 102.98. We shot higher and need to hold support at 105.10/00 to target 105.72/75 then 106.40/55. This should hold the move.
Failure to beat 105.72 sees a dip to 105.10/00 but below 104.60 is more negative and sees 104.10/05. Below here risks a slide to 103.30/20 and perhaps 102.90/60 for a buying opportunity.
Weekly Outlook: Only missed our buying opportunity at 102.80/50 by 18 ticks and it seems unlikely we will revisit this area for a second chance this week. Strong resistance at 106.40/55 then 107.50 and 108.55/60.