US CRUDE OIL Chart Technical Outlook dip buying offers favorable risk-reward
We have seen mixed results for the last 58 trading days. This price action has resulted in an expanding wedge formation. This pattern has an eventual bias to break to the downside.
We have an inside bullish channel. Trend line resistance from the channel formation is located at $82.30. Trendline resistance from the expanding wedge formation is located at $82.66. I would look to this zone to be a formidable upside barrier.
Bespoke support is located at $77.48. The channel base is located at $77.
*Resistance: $78.75 (bespoke), $82.30 (channel top), $82.66 (wedge) *
Support: $77.48 (bespoke), $77 (channel base), $76.10 (bespoke)
