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Oil Price Grinds Higher to a New 13-Month High

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WTI crude oil prices continue to maintain a strong bullish moment.

Price action rose to fresh highs of 58.73. This makes price action likely to test the unfilled gap from January 20 last year at 59.47

However, with price now trading below the trend line, this could act as a potential resistance for price action.

To the downside, the support level at 57.35 is already tested albeit only slightly.

Therefore, any declines could see this level coming under a firm re-test. Only a strong close below 57.35 will confirm a move down to the 53.77 level of support.

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