WTI crude oil prices continue to maintain a mixed bias with prices giving back the intraday gains made.
As a result, oil prices are once again trading near the lower end of the sideways range at 51.87.
Given that this consolidation comes after the recent rise in prices, we could expect to see prices snapping lower.
The recent rebound of this lower end of the range so the stochastics oscillator rising from the oversold levels.
However, at the time of writing, the stochastics oscillator is once again likely to signal or move to the townsite.
If oil prices lose the 51.87 technical support, then we expect a decline towards the 49.00 handle eventually. This will also see a confluence with the longer term trend line.
