WTI Crude Oil Inches Higher 2021-01-13
![wti crude oil](https://assets.iorbex.com/blog/wp-content/uploads/2021/01/12191354/WTI-1301-750x430.png)
Oil prices continue to post modest gains with price action managing to rise above the trend line. As a result, WTI crude oil prices are now close to the next round number level of 53.00.
On the intraday charts, we see the bearish divergence on the Stochastics which is suggesting a lower high.
Therefore, there is a risk of prices posting a correction in the near term unless oil prices can continue higher.
To the downside, the recent swing lows near 51.53 remain the key level to watch.
A break down below this level could potentially set the stage for a correction down to the 49.00 handle.