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wti crude oil

Oil prices rose to a two-month high on Monday, briefly rising above 35.50. But prices quickly gave up the gains.

The retracement will likely see support forming near the 33.66 level. A reversal off this level will support the upside bias.

Oil prices need to follow through by posting a higher high. Else, this could potentially keep price action subdued but supported above the 35.50 level.

There is of course the risk of a move lower.

A close below 33.66 could open the downside risk for a move towards the 27.95 level.

Given that support hasn’t been tested at this level, the 27.95 remains a prime target.

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