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Crude oil prices extended declines but the price level near 37.67 is holding up the commodity for now.

A rebound off this level should be followed by a move higher. Therefore, watch for oil prices to test the 40.00 level and probably move higher.

In the event that prices form a lower high, then we expect a move back to the 37.67 level. This could potentially result in prices breaking down lower.

In such a scenario, oil prices could be setting up for a correction that is long overdue.

The lower price level near 34.42 will become the key downside target in the event of a correction.

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