Oil prices are under supply pressure of late. You probably saw lower gas prices in recent months. However, there are some early signals that oil prices might be stabilizing above 40. WTI Crude Oil 4H Chart 11/30(click to enlarge)Well, there is one, the price bottom seen in the 4H chart. It appears price is trying to hold above 40 and bounced up last couple of weeks. However, we saw price retreat last week. Still, if price respects the noted price bottom, we might get a push back towards the November highs around 48.00. So far price action started this week with a strong bullish candle in the 4H chart. Price will probably have to hold above 41.00 in order convince the market that the price bottom is still in play. Otherwise, the 40 level would be back in play with risk that WTI will break lower.