Oil Tried To Settle Above $54

TVC:USOIL   CFDs on WTI Crude Oil
Oil tested the resistance at $53.80 but failed to develop sufficient upside momentum and pulled back. If oil manages to settle above the resistance at $53.80, it will head towards the next resistance level at $54. 40 . A successful test of this level will open the way to the test of the psychologically important $55 level.

RSI remains in the overbought territory, and oil has already made an attempt to develop downside momentum which was stopped near the support level at $52.70. If oil declines below this level, it will head towards the next support at the $52 level.


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