Oil Moves Towards The Resistance At $53.30

Oil managed to get above the resistance at $52.70 and is trying to settle above the $53 level. If this attempt is successful, oil will get to the test of the next resistance at $53.30. A move above this level will push oil towards the resistance near the recent highs at $53.80. In case oil gets above $53.80, it will move towards the resistance at $54.40.

On the support side, the previous resistance at $52.70 will likely serve as the first support level for oil. If oil settles below this level, it will head towards the support at $52.00. This support level has been tested several times in recent trading sessions and proved its strength. A move below this level will open the way to the test of the support at $51.50.