FX.co ★ Oil price continues to trade sideways.

Black lines- triangle pattern

Oil price is trading today around $78,20 as price continues to trade inside a multi week triangle pattern. Price is trapped, since the end of November when it made a low around $70, inside a triangle pattern. So far Oil price continues to respect the triangle boundaries. Oil price continues making higher lows and lower highs. Price is now bouncing towards the upper triangle boundary resistance at $80.60. There is still room inside the triangle pattern for Oil to continue to trade sideways. Support is at $72.80. Any break out of the triangle pattern will provide a $10 to $13 size move in Oil prices.