Green line- support trend line

Oil prices are again under pressure. With price forming lower highs, it is most probable that Oil prices will continue lower towards $102 and maybe lower. Short-term support by the green support trend line is found at $105.60. Oil price is vulnerable to a break below 105 specially if the recent higher low at $104.55 is broken. Resistance is at the recent lower high of $111.43 and as long as price is below this level, we remain pessimistic for the short-term. Oil price could very well move below $100 over the next few sessions.