The CRUDE OIL confirmed the expected overshooting of the 100 level even on closing suggesting further upside potential in the s/t. Possible therefore an extension toward 105.
The indicators of the daily chart are still well positive but now they show also well overbought conditions and a potential negative reversal situation. We expect therefore the upside to be still limited. The indicators of the s/t charts are also positive but also here we have overbought conditions suggesting a limited upside potential.
Already an hourly closing below 101,45 will postpone the move up favouring a retest of the 100 level!!
We started therefore a small short position in the m/t book here at 102,72.
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FUTURE TREND RESEARCH