Crude Oil Rises Over 1% In An Attempt To Breakout

wti crude oil

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.

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

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