Blue line- horizontal support
Black line- resistance trend line
Oil price is trading above $70. Price has mostly been moving sideways over the last few months forming lower highs but respecting the horizontal support at $63-$67. If Oil price manages to break above the short-term downward sloping resistance trend line, we could get a bullish reversal signal. Resistance is found around $71.50. A weekly close above this level could be the start of a bigger bounce towards $82-$83. Short-term support is found at recent low of $67. A break below this level will open the way for a move towards $63-$64.