FX.co ★ Oil price remains supported as bulls defend $75-$76.

Yellow rectangle- resistance

Green rectangle- support

Oi price made another dive towards $75 yesterday but bulls stepped in once again and pushed price back above $79. The last couple of sessions the daily candlesticks are bullish as we observe long lower tails, suggesting bulls are strong in this area. Holding above the green support area is crucial for bulls. The bounce off this support level confirms its importance. Price is trading again above $80 and a bigger bounce is very likely on its way. If bulls manage to recapture the $86 price level, then we should expect a third test of the resistance at $92.50-$93.75.