Despite the retreat in oil prices from $53.71 (Oct 10 high) to $51.40 in Asian session today, it is too early to call a top…more so because the short-term moving averages – 5-DMA and 10-DMA – are still sloping upwards and hence fresh demand could be seen around the critical support level of $51.19 (Aug 19 high).
A rebound from $51.19 followed by a break above $51.65 would signal a fresh rally to previous day’s high of $52.85 and possibly to $53.00 levels.