Oil chart analysis

Oil chart analysis
The price of oil continues with a bullish trend despite a little volatility on Wednesday. On Wednesday, the price fell from $82.40 to the $78.60. Yesterday, we saw a strong bullish impulse at the beginning of the US session, and the price of oil returned above the $80.00 level. The price continues to rise for the rest of the day, and the day closes at the $81.70 level.

During the Asian trading session, oil managed to hold high, and now we see a test of the $82.00 level, and we could expect a break above. We need a positive consolidation and a break above the $82.00 level for a bullish option. Potential higher targets are $83.00 and $84.00 levels.

We need a negative consolidation and a price pullback below the $81.50 level for a bearish option. There we would fall below the Asian support, which would mean a potential further decline. Potential lower targets are $81.00 and $80.00 levels.