Oil Prices Once Again Retreat From The Resistance Level

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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.

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