FX.co ★ Technical analysis on Oil for July 5th, 2023.

Black line -resistance

Blue line -support

Oil price is trading above the downward sloping resistance trend line that we mentioned in previous posts. Price is above $71.50 and price is making higher highs and higher lows. Short-term momentum is bullish and breaking above the trend line is one step closer to a trend reversal. Next resistance is the recent high of $72.70. A daily close above this level would be an added sign of strength that will increase the chances of an upward movement towards $82 which is our medium-term target as long as we trade above $67.