OIL chart overview

If we look at the broader picture from the end of the previous year until now, we see that oil price has formed a triple bottom. The last bullish consolidation brought us to the $82.00-$83.00 resistance zone. We need a break above if we want to see further oil price growth. The potential next important zone is $84.50-$85.00, and if we manage to break above it, the oil price could go up to $88.00 and even up to $90.00. For a bearish option, we need a new negative consolidation that would lead to a pullback in price, and a price drop on the support level at $80.00. The inability to hold there will lead to a further drop in the price below this level. Potential lower targets for us could be $78.00 and then $76.00.