On Friday, WTI Crude oil prices closed with back to back losses. This led to the weekly price action closing in the red after prices briefly rose above 61.35 earlier in the week.
The declines come after oil prices have been moving in a sharp and steady trend.
On the 4-hour charts, we see the trendline breached. This has led to a modest pullback with prices rejected ahead of moving lower.
If oil prices continue to move lower, then we could see the 57.35 level of support being tested. Establishing support here could potentially boost the upside.
The Stochastics oscillator is currently near the oversold levels and could see some recovery in prices.
To the upside, the price level of 60.87 needs to be breached in order for oil prices continue pushing higher.
