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Oil prices continue to remain in limbo. Price action is trading quite flat with oil stuck around the 40.00 handle for the past few days.

The squeeze between the horizontal resistance level and the trend line suggests that a major breakout might be in the making.

The bias is mixed and a breakout in either direction is equally likely.

However, the ascending triangle pattern gives the upside a little bit of an edge. This would give an upside target to around 43.50.

In the event of a breakdown lower, multiple support levels will keep the commodity from rapidly falling.

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