Crude oil prices have managed to breakout above the 40.00 technical resistance level after struggling near this level earlier on.
The move above 40.00 now sets the way for a potential test of the 50.00 level.
However, this is assuming that the bullish momentum will hold on.
In the near term, any dips could be seen pushing oil prices back to the 40.00 handle.
This makes for a good buying area and as a result, might see prices being supported off this level.
In the near term, watch how oil prices might react near the 45.26 level.