WTI Crude oil prices made an attempt to test the technical resistance level around the 40.18 – 40.42 region.
However, prices were pushed lower immediately. For the moment, the consolidation is showing a squeeze in the price between the trend line and the horizontal resistance level.
Therefore, we could expect a breakout in the near term. The bias is mixed for the moment.
If oil prices break the trend line, we expect a move lower to the 34.41 level of support.
Alternately, an upside breakout might see prices finally clearing the way for a move toward the 50.00 level.