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Oil Prices Settle Near a 13-Month High

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WTI Crude oil prices continued to advance with price action closing near a 13-month high. Prices briefly traded close to the next key resistance level of 57.35.

We could expect a push higher for the commodity to test this level firmly. Further gains can be expected only on a strong breakout above this level.

This means that a reversal near 57.35 will potentially see a possible retracement coming.

The previously held resistance level near 53.77 remains the initial downside target for the moment.

The price level near 40.55 however marks the 61.8 Fibonacci retracement level for the decline from 65.62 in January 2020 through the zero level on 20th April.

Therefore, the correction, if applicable could see a stronger pullback.

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