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Oil prices are back on the rebound after posting sharp declines on Monday.

After a brief decline below the 38.83 support area, price action is pushing higher.

However, oil prices have a lot of ground to catch up to. For the moment, the short term swing low near the 39.65 level could act as resistance.

Therefore, failure to rise above this area could increase the bets to the downside.

This could mean a potential retest of the 38.83 support area once again or even a break down lower.


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