WTI Crude Oil Pulls Back from an Eleven-Month High

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Crude oil prices are likely to signal a correction if the price action closes with a Doji.

This comes after a steady patch of gains that pushed the commodity to an 11-month high. Given the strong pace of gains, prices are likely to make a short term correction.

For the moment, the long term trend line continues to offer support. But if price loses this handle, then we expect to see a move lower.

The support level near 49.00 remains within reach. The Stochastics oscillator is also moving out from the overbought levels at the moment, adding to the downside bias.

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