WTI Crude Oil Likely to Establish Support Near 38.83

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Crude oil prices are trading a tad weaker following the gains from Tuesday.

However, with price now trading above the 38.83 region, we expect the current pullback to form support here.

On the other hand, considering that the 41.00 level was not tested for resistance, we could expect to see some downside weakness in the near term.

Watch for a possible reversal around the 38.83 region. This will put the bias back to the upside.

But a breakout above 41.00 is needed to confirm further gains.

For the moment, we expect oil prices to hold out between the 41.00 and 38.83 levels for the short term.

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