WTI crude oil prices are pushing lower following a six-day winning streak. Price action rose to a 13-month high prior to the pullback.
But for the moment, the declines are likely supported near the 57.35 level of support. If price action loses this support, then we expect to see further declines.
The next main support level near 53.77 will be the level to watch. For the moment, watch how the daily price action will unfold near the current highs.
We would need to see a bearish follow through to the downside to confirm the correction.
In the event that the support level near 57.35 holds, we could expect to see further gains.
Price action will need to break out above the current highs of 58.59 in order to confirm further continuation to the upside.
