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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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