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Crude oil prices fell slightly lower as it maintains a downside bias following the failure to break out near the resistance level.

However, price action is pushing slightly higher, gaining over 0.90% on the day. The pullback could be seen as a higher low forming.

Following this, if oil prices breakout above 28.00 then we expect a move higher to the 42.00 handle.

The Stochastics oscillator is also hinting at hidden divergence suggesting some further upside.

 

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