28.08.202317:15 Forex Analysis & Reviews: Technical analysis on Oil for August 28th, 2023.

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Blue line- resistance trend line

Oil price as expected has reached the blue downward sloping resistance trend line close to $81. In the near term price was oversold and we mentioned in previous posts that a bounce towards the blue trend line was justified. First attempt to break it has failed. Price is showing rejection signs. Price has formed a lower high relative to the $82.46 high from August 21st. At current levels we prefer to be neutral if not bearish. Only a break above the blue resistance trend line will cancel our bearish Oil scenario for a move towards $76 and lower.

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