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Crude oil prices finally caught a bid after falling to $20 a barrel.
If the upside continues, we expect oil prices to test the 28.00 level of resistance. We estimate price action to remain range-bound within the 28 – 20 handle.
However, there is a risk that prices could slip below this level due to the downside pressure.
But, given the hidden bearish divergence, we expect a reversal in the near term.
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