WTI oil is boxed between the 42 and 44 levels

Since last week we saw on the daily chart of WTI oil that the price dropped to the 40.00 level and then bounced to the upside from that level to go and reach the 200 day exponential moving average, which is currently just above the 44.00 level. From that zone the price bounces back to the downside and touches the 42.00 level, only to bounce back up towards the 44.00 level. We can clearly see that the price is getting boxed or consolidated between the 42.00 and the 44.00 levels. We may try to trade inside the range, taking long positions at the 42.00 support level or short positions at the 44.00 resistance level, but the price may break out of consolidation at any moment and we run the risk of getting trapped in the wrong direction. If the price breaks to the upside, then the 46.00 level may act as resistance. If the price breaks to the downside, then the 40.00 level may act as support.