Oil - 4 hourly - downward pressure with resistance above.

Technicals

It looks as though the bulls are losing control of the recent oil rally. The price of oil is slipping slowly back to towards the $95 region. A break here could take oil towards $90 where its next major level of support sits. looking at the upside, there is a tough down-trending resistance at $104. A break above here on the daily would signal another push higher. Technical indicators are all over the place with RSI reading 41 on the daily and the DMI suggesting 'red' and that the trend is down.

Summary

Oil is a tricky trade to take, but if it's done correctly it can turn out to be good. The level to watch is $104 towards the upside and $95 towards the downside. Given that oil is trending down, and governments want cheaper prices for their citizens, the price coming down would make sense, but Russia/Ukraine is the main economic factor keeping prices higher. Developments here will determine oil's next move, hence why it's a difficult but rewarding trade provided you're on the right side.