WTI crude oil rallies to resistance level

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The rally in oil prices saw the commodity finally hitting the technical resistance level at 33.59.

This comes as the commodity rose over 5% intraday on Wednesday.

But with the Stochastics oscillator indicating a possible divergence, we could see a correction.

Of course, if oil prices rise convincingly above the 33.59 resistance level, this downside view will be invalidated.

To the downside, oil prices could test the lower price area near 27.95 if the correction gets underway and oil starts to drift lower.

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