Crude oil prices continue to trade softly with prices holding on above the 40.00 handle. But price action is now challenging the rising trend line from below.

A breakout above this trend line will confirm a further upside in oil prices.

The next main target is seen at the 42.00 handle. To the downside, failure to breakout might keep price action subdued.

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We could see some consolidation taking place near the 40.00 handle.

But a close below this level could open the oil markets towards a stronger correction lower.

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