Oil: Possible pullback

On the daily chart of WTI oil we can see that the black gold is stalling its rally momentarily around the 51.60 level. The bullish trend is still in place and oil may try to continue going higher, but since it is over-extended to the upside, the commodity may be due for a retracement or pullback to the downside. The 50.00 level may act as a support, but below that level, the 48.00 and the 46.00 may also act as support. Around the 46.00 level we can see the 200 day EMA, which could contribute to making that level a good support. To the upside, if the rally continues and oil breaks above the 51.60 level, then its next resistance could be the 53.50 level.