Oil price is trading around $78.50 inside the daily Kumo (cloud). According to the Ichimoku cloud indicator, trend is neutral. Price made an attempt on Friday to break above the cloud resistance and got rejected. Oil price is trading below the tenkan-sen (red line indicator) but still above the kijun-sen (yellow line indicator). Key resistance remains at $81.82. Support by the kijun-sen is at $77.54 and by the lower cloud boundary at $76..54. The Chikou span (black line indicator) is close to moving below the candlestick pattern. This would be an added sign of weakness. Bulls need to defend $77.50-$76.50, otherwise we should expect new lows below $70 for Oil.
