Oil Pulls Back Below The $53 Level

Oil managed to get below the $53 level and is trying to settle below the support level at $52.70. If this attempt is successful, oil will head towards the next support at $52. A move below this level will push oil towards the next support at $51.50.

On the upside, oil needs to get back above the resistance at $53.30 to continue its upside move. This resistance level has been tested during the current trading session and proved its strength. The next resistance level is located at $53.80. If oil manages to get above this level, it will head towards the next resistance at $54.40.