Oil price is trading above $70 but is under pressure today. Price made a high at $71.76 but is now under pressure. There are signs of a possible rejection at the black downward sloping resistance trend line. Bulls need to break above this level in order to hope for a change in momentum. Seems like another attempt to break above the black trend line is failing. Short-term support remains at $67 as we mentioned in previous posts. Bulls need to see price break above $71.50-$72 in order to gather momentum for a move towards $80-$82. Inability to break above $71.50 will open the way for another pull back towards $67.
The material has been provided by InstaForex Company – www.instaforex.com
Black line -resistance
Blue line- key support
Oil price is trading above $70 but is under pressure today. Price made a high at $71.76 but is now under pressure. There are signs of a possible rejection at the black downward sloping resistance trend line. Bulls need to break above this level in order to hope for a change in momentum. Seems like another attempt to break above the black trend line is failing. Short-term support remains at $67 as we mentioned in previous posts. Bulls need to see price break above $71.50-$72 in order to gather momentum for a move towards $80-$82. Inability to break above $71.50 will open the way for another pull back towards $67.
The material has been provided by InstaForex Company – www.instaforex.com
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