FX.co ★ Technical analysis on Oil for July 4th, 2023

Black line- resistance

Blue line- support

Oil price is on positive ground today trading again above $70.50. Yesterday price reached as high as $71,76 but bulls were not strong enough to hold on to their gains. Price closed below the black trend line resistance. Oil price today has the potential to close above the black trend line resistance. Bulls are very close to providing an important sign of strength. A daily close above yesterday's highs would be a positive sign. Bullish momentum is building up and with a trend line break we could see an explosive upside move. Price continues making higher lows over the last few days. The triple bottom around $67 remains solid. Bears will need to push price below $67 in order to reclaim control of the short-term trend.