FX.co ★ Oil price continues to respect bullish channel.

Oil price is around $90.50 after making a high recently at $93.16. Technically trend remains bullish as price continues making higher highs and higher lows inside an upward sloping bullish channel.

So far Oil prices continue to respect both the upper and lower channel boundaries since December of 2021 when price was making a low around $66. Support is found at $89.20 and $88.65. Failure to stay above this level will be a sign of weakness and the end of the upward movement that started from the $66 level. If Oil continues to respect the channel boundaries, Oil could reach new higher highs towards $97.