WTI Crude oil fluctuated yesterday, but moved in line with our bullish scenario hitting 107.00 resistance, as 105.00 key support area continues to be intact. We would like to see price break and settle above 107.35 resistance to confirm a move higher towards the top of this clear sideways range (102.00-109.00). Overall, we will continue to favor the bullish scenario as long as above 105.00.
Support: 105.60, 104.90, 104.50, 104.00, 103.55
Resistance: 107.00, 107.35, 107.65, 108.00, 108.50
Recommendation Long above 105.60 targets at 106.25, 107.00 and 107.50. Invalidation below 104.80