Oil prices remain in a longer-term bullish trend that will eventually see Oil price above 62$. We are currently in a corrective phase and Oil price has reached the upper boundary of my buy zone.
Price has reached the green Trend line support and is very close to the 38% Fibonacci retracement. Oil price range between 56.20$ and 55$ is a buy zone for me. I expect Oil to reverse higher and resume its up trend from this support area.
Important support is at 55$. Resistance is found at 56.90$ and next at 57.90$. I believe bears should be very cautious at current and lower levels and look to take any profits, because being short is contrarian to the bigger trend which is bullish.
Concluding I'm starting to look buying opportunities for Oil with target at new highs above 60$. I would use 55$ as stop as I would not want to see price break below it.