104.89 has been the high so far today as the growth chaser keep stocking up on the black gold.
We knocked through the short term resistance line by a couple of pips and are holding just below.
WTI crude daily chart 10 06 2014
The action suggests that we get an attempt on the 106 level and that may be just enough to contain the upside. While traders may be happy to load up on risk assets the global economy isn’t exactly ripping so it won’t take much to see some exit if there are small signs of things turning sour. Until then sentiment is good and sometimes that’s all a market needs.
Initially look to the 102 level as a first decent line of support
