Oil prices are somewhat bullish on Monday. Price action is modestly trading above the 40.00 handle. But crude oil is not out of the woods yet.

A clean breakout above 40.00 is required to confirm the upside bias. For the moment, prices are strongly trading around the rising trend line.

This might potentially trigger a move lower if the commodity fails to post any further gains above this level.

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A minor resistance level might form near the previous swing high point at 41.60.

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