FX.co ★ Technical analysis on Oil for August 11th, 2023.

Red lines- bullish channel

Oil price is trading around $82.90 after making a new higher high around $84.88. Technically trend remains bullish as price continues making higher highs and higher lows. Price remains inside the red upward sloping channel. The RSI continues to provide lower highs giving us bearish divergence warnings. Support by the bullish channel is found at $81.20. As we explained in our previous posts, this is not the time to open new long positions in Oil as we believe there are increased chances of a major pull back in Oil prices. Technically this pull back is justified and highly probable. However there is no confirmation yet of such a reversal.