WTI crude oil prices are posting a strong recovery with price action attempting to retest the previously formed highs.
However, the reversal looks to be a bit fragile at the moment. As a result, if prices fail to break out above the trend line once again and above the previous highs near 53.80, then we could expect to see some downside correction taking place.
For the moment, the oil prices remain somewhat mixed in their bias.
Price action on the daily chart shows a bullish reversal following the Doji pattern which comes after the strong declines from Monday.
However, from here on, oil prices will need to close above the previous highs in order to continue to post further gains.
