Oil prices maintained their bullish continuation with prices rising in early Monday trading. However, after rising to intraday highs of 48.94, the commodity gave back the gains, forming a lower high.
If prices break down below the pivot lows of 47.76, then this will confirm that a top is in place. The next support level of interest comes near the 47.17 level.
Below this minor support, oil prices could be on track to post further declines.
The support area near 45.26 will come into the picture.
The Stochastics oscillator is overbought at the moment, validating the short term move lower.