Oil prices were seen attempting to maintain the bullish gains from Thursday. Price tested a four-day high of 54.38 before retreating by Friday’s close. There are some early indications that price is bottoming out. But at the same time, there are also risks that oil prices could break down from the current pivot lows that are formed.
Can WTI Rebound from the Current Lows?
The main resistance level is seen at the 57.50 handle. Therefore, this makes a likely price level that oil prices could correct to in the near term. With the OPEC meeting due in the last week of June, oil prices could be subject to some volatility. The downside target of 50.00 remains within sight for the moment, making it the likely downside target.
