Oil prices continue to push higher with prices settling near 52.60 last Friday. It marks the highest levels since February.
The gains also come with nine weekly consecutive gains so far. With price action cutting past the trendline from below, we expect to see a continuation higher.
But if price action retraces the gains, then a correction back to the 49.00 level is quite possible. Establishing support at this level will continue to see the bullish bias intact.
The next key level to the upside will come near the 55.00 level which marks a major support/resistance level back in late 2019/early 2020.