Recommendations: LONG positions above 97.11 with 100.73 & 102.43 as next targets.
Alternative scenario: The downside breakout of 97.11 will call for a slide to 95.60/93.90.
Description: The Crude Oil maintained a bullish momentum last Friday, bottomed at the 97.11 and topped at the 100.15 levels, this development leaves the pair targeting the 100.73 levels where a breach is likely , If seen, It will target the 102.50 levels, where a breach will turn the focus on the 103.72 levels, further out will call for a run towards the 105.60 levels. On the downside, support comes at the 97.11 levels, losing this level on a daily closing basis will signal short term topping and reverse risks towards the 95.60 levels, a halt could be seen but a cut will call for a slide towards the 93.90 levels. In all, the Crude Oil is likely to return to its medium-term upside bias as long as support 97.11 holds on a daily basis, below this level will reverse risks to the downside.
Support & Resistance : 92.41,93.89 , 95.60 , 97.11 (pivot) , 100.15 , 100.73, 102.43 , 103.72 , 105.60