WTI Crude Oil acquired all of our upside targets and extended the move near 105.00 mark, and potential key resistance, where the 127.1 percent extension level at 105.25 is located (extension of wave 100.72-84.05). Meanwhile, a strong bearish divergence is seen on RSI over the four-hour chart; accordingly, a downside correction is probable from levels around 105.00, targeting 102.10 key support.
Support: 103.90, 103.50, 102.70, 102.10, 101.45
Resistance: 104.70, 105.25, 106.00, 106.40, 107.00
Recommendation Based on the explanations above, we prefer to short oil below 105.00, targeting 103.55 and 102.10. Stop loss above 105.80.