US crude oil prices have been trading sideways in recent intraday sessions as the market seeks a bottom to build momentum for a potential rebound. The price is currently testing critical support at $68.90, which, along with support from the 50-period simple moving average (SMA), is providing some stabilization and aiding the price in bouncing back.
This price action occurs within the context of a short-term upward correctional trend, with the Stochastic oscillator indicating oversold conditions, which could signal a reversal and a possible rise in prices.
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