Crude oil prices gave back some of the gains made from the previous week. Price action turned negative for the week closing near the 40.00 handle.

Still, the previous week’s bullish engulfing pattern gives hope for the upside to continue.

For the moment, oil prices are stuck within the 41 and 38.83 levels of resistance and support respectively.

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A breakout from this range is needed to confirm further upside. Price action on the 4-hour chart is also showing, what could be a cup and handle pattern.

A breakout above the 41.00 level could potentially see further gains. If the cup and handle pattern materialize, then the minimum upside is toward 44.00.

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