FX.co ★ Oil price remains inside bullish channel on August 14th, 2023.

Blue lines- bullish channel

Oil is currently trading around $82.50. Price remains inside the blue upward sloping channel that was created back in June when price was trading around $68. Price continues making higher highs and higher lows. The channel boundaries have been tested several times, confirming their importance as support. The RSI has already provided us with a bearish divergence signal. We believe that the time for a reversal is getting closer. Bulls need to protect their gains and raise their protective stops. There is no trend reversal confirmation yet. Bulls remain in control of the trend.