FX.co ★ Technical analysis on Oil for September 27th, 2023.

Red lines- bullish channel

yellow rectangle- double bottom support

Oil price is trading above $91 once again. Price formed a double bottom at $88 and bounced strongly upwards. Medium-term trend remains bullish as price continues forming higher highs and higher lows inside the red upward sloping channel since June. Recent price action has confirmed the importance of the $88 support level. A break below this level will be a sign of weakness and will most probably push price towards the lower channel boundary at $86 at least. Bulls remain in control of the medium-term trend and for now of the short-term trend as well.