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.