OIL pullback time

During the Asian session, the price of oil stagnated with a slight retreat towards lower levels of support. After yesterday's high at $ 123.10, the oil price fell to $ 121.30 this morning. We are now consolidating around $ 122.00. This pullback to the $ 120.00 price could continue today so that we can find support for the next stronger bullish impulse. We need a continuation of this week's bullish consolidation and a new visit to the $ 123.00 zone for the bullish option. Further bullish consolidation opens the door for us to visit the next higher levels. Potential targets are $ 124.00, $ 125.00 $ 126.00 levels. For the bearish option, we need the continuation of today's negative consolidation and the fall below the $ 121.00 and MA50 moving average. After that, the price would probably visit the $ 120.00 support zone. A break below this very important support for oil price could bring us down to the $ 118.00 level and maybe even to the $ 116.00 bottom line of support.