Oil Technical Analysis: Can the US keep this up?

Oil prices are starting to give shape to a bandwidth between $75 and $80 as a healthy equilibrium between buyers and sellers appears to be in place. The fact that Saudi Aramco did not go ahead with its production boost shows that it sees no urgency to do so, although these plans are ready in a drawer to be pulled out one day. With the US Dollar tilted to more weakness, more upside in Oil could still be on the horizon. 

Oil bulls still clearly see more upside potential. The break above $80 though does not seem to be taking place that quickly, and $86 is appearing as the next cap. Further up, $86.90 follows suit before targeting $89.64 and $93.98 as top levels. 

On the downside, the 100-day and the 55-day Simple Moving Averages (SMA) are near $75.71 and $75.31, respectively. Add the pivotal level near $75.27, and it looks like the downside is very limited and well-equipped to resist the selling pressure