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.