Ascending Channel Structure: Following the capitulation near $68.80, crude has carved out a steady recovery within a rising channel, posting consecutive higher highs and higher lows.
Trendline Confluence Test: Price action at $86.23 is currently challenging the major long-term descending trendline (drawn from the $109+ peaks) and the upper boundary of the short-term ascending channel.
Bullish Breakout Targets: A decisive close above the $85.50–$86.50 hurdle confirms a trendline breakout, opening an immediate technical pathway toward $88.33, with room toward the psychological $90.00+ zone.
Downside Support & Invalidation:
Immediate support sits at the channel median around $83.17.
A break below $80.86 invalidates the short-term rising structure, exposing the lower demand base at $77.58.
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Trendline Confluence Test: Price action at $86.23 is currently challenging the major long-term descending trendline (drawn from the $109+ peaks) and the upper boundary of the short-term ascending channel.
Bullish Breakout Targets: A decisive close above the $85.50–$86.50 hurdle confirms a trendline breakout, opening an immediate technical pathway toward $88.33, with room toward the psychological $90.00+ zone.
Downside Support & Invalidation:
Immediate support sits at the channel median around $83.17.
A break below $80.86 invalidates the short-term rising structure, exposing the lower demand base at $77.58.
Like... Share... Follow..
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Super trendline resistance as marked...Soon 80 & below possible
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.