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Crude oil prices are down nearly 2% on Thursday. The declines come after prices failed to make any major gains above the 40.00 handle.
This has formed an ascending triangle pattern, which seems to be challenged at the moment.
A downside break out of this minor rising trend line will suggest a possible move lower.
Alternately, if price action continues to consolidate, it might give the upside bias a push.
However, crude oil will then need to challenge the 42.00 level thereafter.
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