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Oil Prices Maintain a Firm Grip

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WTI crude oil prices continue to post strong gains. Price action is now on track to post six consecutive days of gains. This has also pushed oil prices to highs last seen in February 2020.

However, the current pace of gains comes with the trend line turning quite steeper. Therefore, this opens the risk to a downside breakout in the near term.

For the moment though, prices are well settled above the 57.35 technical support. As long as this support holds, oil prices could likely push higher.

However, the support level near 53.77 is likely to be tested in the near term. But this would come only on a strong breakdown below the 57.35 level.

The stochastic oscillator on the four-hour chart remains firmly entrenched in the overbought levels suggesting that the bullish momentum is likely to continue for a while longer.

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