The resistance is provided by the 76.4 percent Fibonacci retracement on the fall from the May 22 high of $111.04 to the June 5 low of $107.77.
Given that the rise from the June 6 low of 108.46 looks too linear to sustain, chances are, a correction may be triggered by the resistance, towards the 61.8 percent retracement at $109.79.
A break above $110.27 will open the way towards $111.04.
Until oil climbs above this level, the current rise will be classified as a rebound.
The views expressed are his own.
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