Crude oil price found support near the $52.00 area after a strong decline against the US Dollar. The price traded as low as $52.14 on FXOpen and it recently started an upside correction above the $52.50 resistance.
Moreover, there was a break above the $53.00 level and the 50 hourly simple moving average. The price even broke the 50% Fib retracement level of the last decline from the $55.92 high to $52.14 low.
The current price action is positive and it seems like there could be more gains above the $54.20 and $54.40 levels. The main hurdle on the upside is near the $54.80 level, above which the price could even trade above $55.20.
On the downside, there is a bullish trend line forming with support near $53.50 on the hourly chart. Therefore, a break and close below $53.50 might start a fresh decline towards $52.50.
