WTI Crude Oil extended gains above 106.00 level yesterday, but remains below 106.70 resistance level, where the current bounce may be a retest of the broken ascending support ahead resuming the bearish direction. 106.70-level if broken the upside move may extend to 107.35, which is the key level towards the resumption of the bullish wave probably towards 108.65 and 110.00 levels.
Support: 105.95, 104.75, 104.25, 103.95, 103.20
Resistance: 106.70, 107.15, 107.40, 108.00, 109.00
Recommendation Short oil below 106.70, targets at 105.95,105.00 and 104.30. Stop loss four-hour closing above 107.35