FX.co ★ Oil price remains trapped inside triangle pattern.

Black lines- Triangle pattern

Oil price bounced as high as $79,92 at the open of this trading week and so far we see rejection signs. Price remains trapped inside the triangle pattern with the upper boundary resistance at $80.50. Price has now reached important short-term resistance. Price is vulnerable to a move towards the lower triangle boundary that provides support around $73-$74. Failure to hold above $76 will increase chances of testing the lower triangle boundary. There is still room inside the triangle and we could see price moving sideways for several sessions. Traders need to be cautious and patient.