Brent Crude spiked very briefly below support at 106.15/10 but held above good support at 105.60/40. We looked for a bottoming out yesterday after a 600 point sell off this month. Yesterday's candle formation was more positive as hoped as we reached our 106.75 target. A good chance we continue higher today to 106.90/95 and perhaps as far as 107.30/40. A strong chance of a high for the day so we need to exit remaining longs here. Only a break above 107.60 opens the door to further gains and targets 107.80/85, possibly even 108.35/45 for a selling opportunity this week.
Immediate support is 106.50/40 which held in the evening session. However a break lower today risks a slide to 106.15/10 before a retest of yesterday's low at 105.85.