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Oil Rally Takes a Pause

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WTI Crude oil prices are trading weaker following the previous strong bullish sessions.

Price action is reversing gains after testing the 56.00 level. The declines could, however, see near term gains once again.

For the moment, the bullish bias remains in place. If the declines continue, then oil prices could be testing the 53.77 level of support in the near term.

Establishing support here could potentially confirm the long term bias to the upside.

For the moment, above 56.00, oil prices could be testing the 57.35 level of resistance next.

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