Oil Technical Analysis: Another stab at $80
Oil prices appear to be building up pressure to have another go at $80 in the coming days. Crude already made its way back up above the 200-day Simple Moving Average (SMA) at $77.98 and above the key level of $78. Should the OPEC report bear an upbeat surprise on the consumption of Oil or the adherence to the current supply cuts, Crude could rally towards $80 quite easily.
Oil bulls still clearly see more upside potential seeing the spreads on Oil futures in favour of bullish bets. The break above $80 though does not seem to be taking place that easily, 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
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