FX.co ★ Short-term technical analysis on Oil for December 16th, 2022.

Blue line -resistance trend line

Oil prices are under pressure once again. Price bounced towards the blue downward sloping resistance trend line and managed to reach $77.76. Oil price got rejected at the resistance trend line and is now moving lower. As long as price is below recent highs, we expect Oil price to move to new lower lows towards $69-70. Resistance remains key at $77.60.