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

Oil is trading around $82.45. In Ichimoku cloud terms, trend remains bullish. Price pulled back from $84.88 to $78.95, respecting the important kijun-sen (yellow line indicator) at $79.36. Price is also trying to break above the tenkan-sen (red line indicator) once again. At $81.90 the tenkan-sen provides a short-term resistance. The Chikou span (black line indicator) is still above the candlestick pattern (bullish). So far there is no indication of a major top or reversal. So far we only had a justified pull back after a strong upward move from $68. A break below the recent low at $78.95 and the kijun-sen, will open the way for a deeper pull back towards the upper cloud boundary at $73.70.