WTI Crude retested resistance at last week's high of 100.25/30 and saw a high for the day as predicted. Last week we got the expected bounce off the 100 day moving average but as we unwind the oversold conditions we have held by the 200 day moving average which is at 100.30/40 today. Only a break above 100.45 allows a retest of last week's high at 100.80/82. Only a break and close above here opens the door to further gains this week, targeting 101.52 then 101.74.
There is good support at 9920/10 today and if we can get through 9960 we could push on to retest strong resistance at 100.30/40. However a break below 9900 puts the market under pressure targeting 9835/25. A good chance of a low for the day here to exit shorts and try longs with stops below 9800.