WTI Crude Oil extended the downside bearish correction, approaching the main downside target at 104.00 area, after failing to resettle back above 107.45 yesterday. As price has approached 104.00, the risk-reward at the current levels is inappropriate. Accordingly, we will wait for an upside pullback to reinitiate shorts, or a break below 103.90 to confirm further downside.
Support: 104.75, 104.30, 103.90, 103.20, 102.25
Resistance: 105.40, 106.00, 106.50, 107.45, 108.30
Recommendation Neutral