Crude oil prices continue to trade higher. But prices are easing back after WTI crude oil rose to a two-month high in the previous session.
The minor pullback could potentially see the bullish momentum pushing prices higher.
The main resistance level at 33.66 remains within reach. But expect the gains to stall near this level in the near term.
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Unless WTI crude oil breaks out above the 33.66 convincingly, we expect some consolidation to take place.
The downside for the moment is at the 27.95 level, but we could expect a reversal with a higher low forming above the 27.95 handle.