Oil prices are trading bullish on Monday as prices rose over 3.5% on the day.
Price action is finding support off the rising trend line, leading to this rebound.
However, the current gains will see price challenging the technical resistance area near 40.42 – 40.18 level.
A strong breakout above this level is required in order to maintain further gains.
Failure to do so could keep prices subdued and will potentially open up the downside risks in crude oil.