Last week, oil prices declined moderately and are currently trading at 42.65.
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Oil prices trade within a narrow range around $43 per barrel.
Today, during the Asian session, oil prices show ambiguous dynamics, remaining around $43 per barrel. Yesterday, the instrument fell slightly in response to increased uncertainty in the market but the published report of the American Petroleum Institute on oil reserves significantly supported it.
On the H4 chart, the price is correcting downwards from the level of 42.28 (ratio 0.0%) and now tends to 40.89 (ratio 38.2%). In case of a breakdown of it and the lower border of the ascending channel, the decline may continue to the level of 40.04 (ratio 61.8%), but for this, quotes will have to break through the ascending fan. Reverse consolidation of the price above 41.42 (ratio 23.6%) may return the instrument to the area of 42.28. Generally, technical indicators show a continued decline: Bollinger Bands and Stochastic are reversing down, MACD histogram has stabilized in the positive zone.