WTI Crude Oil Struggles To Clear 43.50

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Oil prices are trading modestly higher but price action still remains below the 43.50 technical resistance.

The downside is also supported as the consolidation in the commodity continues with a slightly bullish bias.

The support level near 42.00 is yet to be tested. The current ranging price action is forming a narrow range between 43.50 and 42.50 regions.

A breakout from either of these levels could see a near term momentum established.

The positioning in the Stochastics oscillator suggests that price action could possibly move lower.

The dynamic support off the trend line should hold for the moment.

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