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Oil prices continue to post modest gains with price action managing to rise above the trend line. As a result, WTI crude oil prices are now close to the next round number level of 53.00.
On the intraday charts, we see the bearish divergence on the Stochastics which is suggesting a lower high.
Therefore, there is a risk of prices posting a correction in the near term unless oil prices can continue higher.
To the downside, the recent swing lows near 51.53 remain the key level to watch.
A break down below this level could potentially set the stage for a correction down to the 49.00 handle.
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