Red line- support trend line
Green lines- equal size advances
Oil price has been making higher highs and higher lows the last few sessions after bottoming around $93.30 and forming a higher low. Price has the potential to continue rising with higher highs and higher lows towards $106 if this upward leg equals in size the previous upward movement. The red upward support trend line provides support to bulls at $96. As long as price is above this level, the momentum will remain bullish and this upward bounce can extend towards $106. Failure to hold above the red trend line will lead to another move lower towards $93 at least if not lower.
