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wti crude oil

Oil prices are trading modestly higher but price action still remains below the 43.50 technical resistance.

The downside is also supported as the consolidation in the commodity continues with a slightly bullish bias.

The support level near 42.00 is yet to be tested. The current ranging price action is forming a narrow range between 43.50 and 42.50 regions.

A breakout from either of these levels could see a near term momentum established.

The positioning in the Stochastics oscillator suggests that price action could possibly move lower.

The dynamic support off the trend line should hold for the moment.

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