Crude oil prices within reach of reclaiming the $40.00 handle

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WTI Crude oil maintains a strong bullish momentum. Prices are now within reach of the key $40.00 price level.

By Friday’s close, crude oil rose to a three-month high of $39.76. In the near term, the gains will likely see the 40.00 level being hit.

However, a strong close above this level will signal further gains to come and opens the way to the 42.00 level which is a key resistance level that previously held up as support.

In terms of a pullback, watch how oil prices react to the 40.00 level.

A move lower from here might see price falling back to the 34 – 35 level to form technical support before resuming the gains.

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