FX.co ★ Ichimoku cloud indicator analysis on Oil for July 21st, 2023.

Oil price is trading around $76.70 above the 4 hour Kumo (cloud). According to the Ichimoku cloud indicator, trend is bullish. Price must remain above the cloud for bulls to retain control of the trend. The Chikou span (black line indicator) is above the candlestick pattern (bullish) despite moving briefly below it for a couple of days. Price briefly entered the cloud giving some signs of weakness, but this was short lived. The tenkan-sen (Red line indicator) provides support at $75.70. The kijun-sen (yellow line indicator) provides support at $75.40. In the same area we find the upper cloud boundary support. The entire area around $75.50 is key short-term support. Bulls must defend it and hold above it. Otherwise Oil price will be vulnerable to a pull back towards $73.70.