Brent Crude headed higher as expected but beat 107.35/45 to over run our target as far as 107.77. We have sold off sharply from here to support at 106.60. If we continue lower look for good support at 106.40/30 and a chance of a low for the day. Exit shorts and try longs with stops below 106.00. Below here breaks longer term Fibonacci and trend line support so should be seen as a negative signal. We should then target the 200 DMA at 105.80 before last week's low and the February low at 105.41/40.
Immediate resistance at 106.85/90 but above here is more positive and targets 107.20/25. We should struggle here with a high for the day possible but above 107.45 opens the door to a retest of 107.77. If we can beat Friday's high we run in to Fibonacci resistance at 108.05/10.