Crude oil’s price reversed yesterday in a quite visible manner and the daily volume was highest in 2 months. Have we just seen a top?

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Crude oil’s price continues to soar in a sharp manner, but no asset can move in a straight line without periodic corrections so even if crude oil’s price was about to rally tens of dollars (which doesn’t appear so likely to be seen this year, but that is a discussion for a different day), one should still expect it to form local tops along the way. Where will crude oil top and where can it provide us with a promising trading opportunity?

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On Monday, black gold gained over 3% after investors reacted positively to Friday Baker Hughes report (it showed that the number of active U.S. rigs dropped by 8) and news that Saudi Arabia's crown prince tightened his power. Thanks to these circumstances, light crude broke above important resistance and closed the day above it. What does it mean for crude oil?

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On Friday, crude oil extended gains and broke above the January peak. How high could black gold go in the coming days?

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On Thursday, crude oil wavered around the short-term support/resistance line, but finally closed the day above it. Does it mean that we’ll see a re-test of the 2017 peaks?

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