Oil Prices Consolidate Near Highs as Bullish Momentum Slows

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WTI crude oil prices are trading flat having risen to highs of 53.90 intraday on Wednesday.

The declines push the price action back below the rising trend line. This could potentially see the trend line being retested from below.

The Stochastics oscillator is nearing the oversold levels and therefore could see a possible move higher once again.

However, oil prices will need to break out above the recent highs to continue higher. The next key target will be the 55.00 level.

To the downside, if the trendline acts as resistance, then a close below 52.20 is required.

Only a strong daily close below this level will open the way for a correction toward the 49.00 handle.

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