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wti crude oil

Oil prices have made a strong recovery, just days after slipping to a three-month low.

Price action continues to move higher, fueled by the dollar weakness.

This has pushed oil prices toward the 38.83 handle once again.

In order for price action to close higher, a breakout above this region is required. This will open the next target to the 41.00 handle.

Alternately, there is a risk of a failure near this familiar resistance level. It could mean that oil prices could be looking to pull back on the gains.

The previous level near 36.51 will remain the short term downside target for the moment.

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