Oil is moving sharply higher this morning after breaking through resistance at $98 a barrel to currently trade at $101 and looks to be breaking out with $106 the initial target.
Equities are weaker, dragged down by Far Eastern markets and the dollar continues to rally back up towards resistance in the 84-84.50 area. A break through this resistance zone will see a strong rally up towards 88 and beyond.
With the 4 July holiday tomorrow in the US, we expect quiet range bound trading for the rest of the week, barring any major news events influencing the markets.
Today's video for subscribers looks at the recent trading in more detail and sets out our strategy for our next trade.