Oil price has bounced strongly over the last two sessions and has reached key resistance area of $77.50-$78. In Ichimoku cloud terms price is now in a neutral trend as it has entered the Daily Kumo (cloud). Price is also above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by the two indicators is at $77.35. The lower cloud boundary is at $76.98. So as long as price is above $76.98-$77.35 bulls have hopes for a bounce towards the upper cloud boundary around $81-$82. The Chikou span (black line indicator) remains in a bearish position below the candlestick pattern.
