WTI Crude oil prices rose sharply on Thursday to rise close to the 48.00 level. However, prices pulled back into Friday’s close.
This comes as the 45.00 level is firmly establishing as support. Thus, a pullback could see this support level being tested once again.
The Stochastics oscillator on the 4-hour chart remains mixed. There is enough room for prices to breakout higher.
Above the 48.00 level, oil prices will be contending with a retest of the 50.00 level.
To the downside, below the 45.00 support area, a correction could bring the commodity down to test the 44.00 handle next.