USOIL - retracement before moving up

Oil prices finally broke the key level resistance of 54.75's the other day and made a new high at 56.75's. Price is making a retracement back down to our minor support level of 55.40's (zone in green) or perhaps back to our key level resistance, turned support.

We will be monitoring this area for a long entry back to 56.75 and above.