HomeContributorsTechnical AnalysisCrude Oil Trades Weaker Above 40.50 Handle

Crude Oil Trades Weaker Above 40.50 Handle

Oil prices are muted today following the breakout above the 40.50 handle. Price action is down 0.6% on the day, intraday.

We could expect the 40.50 level to be tested once again. There is also a good chance that oil prices might pullback even deeper, to close below the 40.50 handle.

This would mean that oil prices will once again remain in a sideways range below the resistance level while being supported above 38.00.

To the upside, the resistance level at 42.00 will be the next key target for the commodity.

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